Sellers take charge in Gold now


Gold price crashed further as it broke 1178$ without any problem. In our yesterday’s gold price forecast we mentioned a major support of 1178$ which is broken by comex gold, below this we expected 1170$ and it already tested 1165$ early morning. Currently spot price of gold is trading at 1173.80$. This is the lowest price we have tested in last 20 months.

  • This time Dollar Index had nothing to do with any selling in comex gold as it was flat to minor positive since yesterday.
  • We had huge selling pressure in bullion due to investor’s shift from precious metal to dollar.
  • Turkey’s financial crisis is turns out to be a disaster instead a catalyst for bullion prices.
  • Investors are inclined are dumping gold to shift their money in dollar as dollar has been on a roll since 4 months.
  • Good US sales numbers put pressure in prices of gold.

Currently a good support on comex gold chart stands at 1165$, If market break and sustain below this level. Then expect further pressure in xauusd till 1160$- 1151$.

gold chart

Resistance on gold price chart stands at 1182$, This is minor resistance and nothing to do with trend reversal. So do not take this level to think that market has turns from negative to positive. If market break and sustain above 1182$ then minor relief rally may occur till 1190$- 1199$.


Silver price trading at 14.52$ after making dramatic low of 14.32$ in early morning session. Silver is under extreme pressure and under performing yellow metal since yesterday. It has lost more than 70 cents since yesterday if we count 14.32$ low.

A good base on this major commodity stands at 14.30$, If market break and sustain below this level. Then expect pressure in this precious metal till 14.05$- 13.70$.

Resistance in silver price stands at 14.80$, Again this is not a trend reversal level so keep that in mind. Once market break and sustain above this level. Then expect small relief rally till 15.05$- 15.30$.

Crude oil

Yesterday all commodities showed weakness including crude oil. Even comex copper price tested yearly low. Currently crude oil trading at 64.60$, A good base on this major commodity stands at 63.80$, If market break and sustain below this level. Then expect further pressure till 63$- 62.20$.

Resistance on Nymex crude oil chart stands at 65.50$, Once this level is out then expect some buying in Nymex oil till 66.30$- 67$.


Euro is trading pretty healthy at 1.1387 today. Eur/Usd strength is fueled by dollar index consolidation. Currently dollar trading at 96.05 from highs of 96.45. Dollar profit booking is directly responsible for this strength in eur/usd. A good resistance now stands in euro at 1.1420, If traders break and sustain above our resistance. Then expect good rise in this major forex pair till 1.1460- 1.1500.

Support in euro chart stands at 1.1350, If traders break and sustain below this level. Then expect this major forex pair to test till 1.1300- 1.1260.


Comex Gold, Silver are weak and they are showing no respite at all. Even if US dollar is consolidating or not moving higher sellers are selling and putting pressure on price. Today’s low is very crucial and market may respect this for a while. But still I wont advice any major buy here at all. Crude oil is also weak but above our intraday resistance a good recovery not ruled out. Euro is positive for now.

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