Stock market crash keep gold above 1200$. Since yesterday Dow Jones Index has lost nearly 400 points and continuing its downward journey. This is keeping gold above water and helping it to stay afloat.
Yesterday Gold price broke 1200$ as dollar index advances again but bad stock market pushed precious metals prices a bit higher and keeping it above psychological level of 1200$. This psychological level is pretty important if traders wants positive yearly closing next month. Now gold would aim to give a better close this year.
Last year gold gave close a little higher of 1300$. Gold might try to update that level in positive. We still have nearly 40-45 days left to close this year and its not a tough task to test above 1300$ before that.
Growing trade war tensions and brewing global crisis might be good reason to fly in upcoming days.
Currently gold price trading at 1202$. Good support in this precious metal stands at 1194$. If market break and sustain below this level. Then expect good pressure in xauusd till 1188$- 1180$.
Good resistance in this major precious metal stands at 1209$. If market break and sustain above our resistance. Then expect good rise in xauusd till 1218$- 1227$.
Spot silver price trading below 14$ and sustaining there pretty well. Xagusd is in under pressure since yesterday. Good support in this precious metal stands at 13.90$. If traders break and sustain below this level. Then expect good pressure in xagusd till 13.70$- 13.50$.
Resistance in silver price stands at 14.30$. Market need to break this hurdle before any major buying. Once traders break and sustain above our resistance. Then expect good rise in xagusd till 14.54$- 14.88$.
Nymex crude oil tanked more than 8% yesterday alone. Crude oil is taking hit as President Trump pressuring OPEC to keep price under control. Another reason is global growth concerns and Electric vehicles. EV ( Electric vehicles ) are getting better and better which may poses risk to traditional oil industry.
Currently crude oil trading at 55.40$. Good support in this major commodity stands at 54.70$. If traders break and sustain below this level. Then expect good pressure in crude prices till 54$- 53.20$.
Resistance in crude oil stands at 56.90$. If market break and sustain above 56.90$. Then expect mild profit booking till 58.20$- 59.30$.
Euro finally recovering after a major crash till 1.1200. Currently eurusd trading at highest point of the day at 1.1291. Good support in this major forex pair stands at 1.1250. If traders break and sustain below 1.1250. Then expect good pressure in eurusd till 1.1210- 1.1170.
Resistance in euro chart stands at 1.1330. If traders break and sustain above 1.1330. Then expect good rise till 1.1370- 1.1400.
Comex Gold, Silver trend is flat to weak for now. Avoid major buy as market is still not stable. Crude oil is weak. Euro is in positive zone so avoid selling eurusd.
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