Gold
Gold prices faced extreme pressure again from Dollar Index. Last night dollar tested extreme highs which caused good pressure in yellow metal. Dow Jones had an extreme volatile session. It tested high of 25040 and then crashed towards till 24200.
Dow Jones crashed as trade war between US and China seems getting worse only. Bloomberg reported US is preparing additional tariff on Chinese imports in December. If Chinese president Xi Jinping and US president Trump talks fail then we may have more to deal with trade war.
World’s economy report also contributed in Dow Jones Index crashed. We may have top the growth and its difficult to grow with such pace in future as per reports.
Currently gold price trading at 1227.50$. Good support in this major metal stands at 1224$. If traders break and sustain low below this level. Then expect good pressure in xauusd till 1217$- 1208$.
Resistance in gold price stands at 1235$. If market break and sustain above our resistance. Then expect good rise in market till 1242$- 1251$.
Silver
Silver price is under performing since last week. Its continuing its weak run as it made low near 14.40$ last night. Currently xagusd trading at 14.51$. Good support in this major commodity stands at 14.30$. If market break and sustain below our base. Then expect good pressure in xagusd till 14.05$- 13.80$.
Resistance in silver stands at 14.75$. If market break and sustain above our resistance. Then expect good rise in this precious metal till 14.99$- 15.20$.
Crude oil
Nymex crude oil trading pretty stable since yesterday. Currently trading at 67.20$. Good support in crude oil stands at 66.50$. If traders break and sustain below this level. Then expect good pressure in crude oil price 66$- 65.30$.
Resistance in crude oil stands at 68.20$. This major hurdle needs to cross for any major buying. If traders break and sustain above our resistance.Then expect good rise till 68.80$- 69.30$.
Euro
Euro trading lower since yesterday due to higher dollar index. Currently eurusd trading at 1.1378. Good support in this forex pair stands at 1.1350. If traders break and sustain below this level. Then expect good pressure in eurusd till 1.1320- 1.1270.
Resistance in euro stands at 1.1410. If market break and sustain above our resistance. Then expect good rise till 1.1450- 1.1490.
Conclusion
Comex Gold, Silver trend is flat to positive till they are trading above their support. Crude oil also positive. Euro is flat to positive.
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