Gold
Price of gold opened weak following selling pressure from traders. It already tested 1219$ and currently trying to find support near 1221$. We already had lowest closing in last one year as mentioned in our weekly post, when it closed near 1222$ last friday. Extremely positive US GDP data may have some more pressure left in bullion market.
Currently a good support on gold prices stands at 1217$, If traders break and sustain below this level. Then expect further pressure in xauusd prices upto 1211$- 1202$ today.
A good resistance on gold chart stands at 1229$, If traders break and sustain above our resistance. Then expect small relief rally up to 1238$- 1244$.
Silver
Prices of silver are also under pressure since morning. Currently trading at 15.41$. A good base on this precious metal stands at 15.30$, If traders break and sustain below our support. Then expect good pressure upto 15.05$- 14.80$.
A good resistance on xagusd price stands at 15.62$, If traders break and sustain above our resistance. Then expect price to test upto 15.84$- 16$ soon.
Crude oil
Crude oil price opened slightly positive and currently trading slightly higher at 68.60$. A good resistance on oil chart stands at 69.20$, If traders break and sustain above our resistance. Then expect good rise in price of crude oil upto 70$- 71.30$ soon.
A good support on crude oil chart stands at 67.80$, If traders break and sustain below this level. Then expect this major commodity to test upto 66.50$- 65.20$.
Nifty
Spot nifty trading at 11282, It dragged a little bit in negative zone but currently trading in positive zone. A good support on technical chart stands at 11220, If traders break and sustain below this level. Then expect major pressure in this major indices upto 11150- 11080.
A good resistance on nifty chart stands at 11330, If traders break and sustain above our resistance. Then expect good rise upto 11380- 11420.
Euro
Euro trading higher today due to stable dollar index today. A good resistance stands on this forex pair at 1.1690, If traders break this and sustain above our resistance. Then expect good rise upto 1.1730- 1.1770.
A good base on this major forex pair stands at 1.1600, If traders break and sustain below this level then expect euro to test upto 1.1550- 1.1500.
Conclusion: Gold, Silver trend is weak for now, Nifty, Crudeoil, Euro are in positive zone.
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