Gold

Spot Gold price tried to test highs of 1198$ and then failed to grow. According to Kitco Gold Index gold price fallen nearly 4$ due to increased selling by traders and Dollar Index contributed nearly 0.5$ only.  Clearly sellers are leading the way this time as they are not considering gold as save haven asset anymore and shifting towards dollar. Currently spot gold trading at 1194$ and Comex futures trading at 1199$.

  • Falling emerging market currencies and tension between US and China is fueling lower xauusd pries.
  • FOMC will increase the rate which would be good for dollar , another reason precious metals are under pressure.
  • Gold is unable to break our resistance and sustaining on lower levels. Resulting in negative charts and giving reason to trade in sell.
  • Conflict between US and China doesn’t seem to end anytime soon and this is fueling dollar while weakening china’s currency Yuan and other emerging currencies such as Indian rupee.
  • Higher US stock markets fueling investors confidence in US.
  • Last week we got positive jobs data which is another reason investors are shifting towards dollar and not gold.

Technical gold chart has a good support at 1187$, If market break and sustain below our base. Then expect good pressure in xauusd prices till 1181$- 1175$.

Resistance in gold chart stands at 1202$, This hurdle I updated yesterday as well. Once market break and sustain above our resistance. Then expect rise in xauusd till 1208$- 1217$.

Silver

Spot price of silver is in a narrow range since yesterday. It tried to test near 14.25$ but could not cross that major level and started reversal. Currently spot silver trading at 14.15$ and Comex futures trading ar 14.18$. A good base on this major commodity chart stands at 13.90$, If traders break and sustain below our base. Then expect further pressure in xagusd price till 13.70$- 13.50$.

Resistance in silver chart stands at 14.30$, If market break and sustain above our resistance. Then expect good rise in xagusd till 14.50$- 14.70$.

Crude oil

Nymex crude oil price trading flat since yesterday. It crashed in US session and now trading at 67.50$. A good base on this major commodity stands at 66$, If traders break and sustain below our support. Then expect good pressure in crude oil price till 65$- 64$.

Resistance in crude oil price chart stands at 68.20$, If market break and sustain above our resistance. Then expect good recovery till 69$- 69.80$.

Euro

Euro trading above 1.1600 due to mild weakness in USD index. Currently cruising at 1.1605, A good base on eur/usd chart stands at 1.1570. Once traders break and sustain below this level. Then expect good pressure in euro till 1.1540- 1.1500.

Resistance in euro chart stands at 1.1655, Once market break and sustain above euro resistance. Then expect good recovery till 1.1690- 1.1730.

Conclusion

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

By marafat