Sellers took charge again as gold fails to cross 1200$

Gold

As suggested in our yesterday’s technical analysis 1200-1202$ range is very crucial and xau/usd needs to cross this hurdle to resume any fresh buying. Comex gold did not cross this hurdle and fall back below 1190$. Current gold price is 1188.60$ ( spot ) and comex december futures trading at 1194.90$.

• Gold is unable to show any strength due to recovery of USD Index.
• Market is anticipating another rate hike next month from FOMC.
• US and China slapped another tariff on goods to each other.
• Investors are still betting on USD instead of precious metals.
• Yesterday weakness was fueled by dollar index but sellers also contributed in that.
• Recovery in DJIA Index last night was another reason to sell precious metals last night.
• Better than expected US unemployment claims gave reason to sell bullions.
• Today we have Fed chairman Powell speech which will effect market.

A good support on gold chart stands at 1180$, If market break and sustain below this level. Then expect further pressure in xau/usd price till 1172$- 1164$.

Resistance on gold chart stands at 1200$, Traders need to break this hurdle to resume any buying in yellow metal. Once market break and sustain above 1200$. Then expect good recovery in comex gold till 1208$- 1218$.

Silver

Spot price of silver broke 14.50$ last night but could not break our support of 14.48$. Current silver price fix at 14.55$ and comex futures trading at 14.53$. A good support now stands on silver chart at 14.30$, If market break and sustain below 14.30$. Then expect fresh selling till 14.05$- 13.80$.

Resistance at silver chart stands at 14.92$, Market needs to cross this hurdle in order to resume any buying. Once market break 14.92$ and sustain above our resistance. Then expect good rise in xag/usd till 15.12$- 15.32$.

Crude oil

Nymex crude oil price continuing its winning streak. Current crude oil price is 68.30$. A good resistance in oil prices stands at 69.10$, If market break and sustain above our resistance. Then expect good rise till 69.90$- 70.70$.

A good support in crude oil chart stands at 67.20$, If traders break and sustain below this level. Then expect good pressure till 66$- 65$.

Euro

Euro crashed last night due to strong US dollar. But currently its recovering and cruising at 1.1568. A good resistance in this forex pair stands at 1.1605, If market break and sustain above this resistance. Then expect good rise in eur/usd till 1.1640- 1.1690.

A good support in euro chart stands at 1.1500, If market break and sustain below this level. Then expect another round of selling till 1.1450- 1.1400.

Conclusion

Comex Gold, Silver trend is weak for now, Crude oil and Euro trend is positive.

More will update to our signals subscribers.

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