Gold

Spot price of gold trading at 1204$, Xauusd trading in 4-5$ since yesterday. Comex futures is fix at 1209.60$. We had a minor breakout to buy this yellow metal but good GDP numbers and higher US stock market capped gold gains yesterday. Nasdaq and S&P tested new lifetime highs while DJIA index traded above 26100 as well.

  • Yesterday we had better than expected US GDP number which fueled US stock market and Nasdaq, S&P tested new lifetime highs.
  • Stock market gains capped gold gains as investors have other option for gains which is performing very well.
  • According to bloomberg US may have sort out all its trade difference with Canada, which means positive sentiment for US economy.
  • This week US had sorted out deal with Mexico as well which is driving equity markets higher and keeping gold in check.
  • We have monthly personal spending and Unemployment claims data from US, both will have impact on equity market and gold.

Technical gold chart suggests a support at 1198$, This support I updated in yesterday’s gold report as well. Once traders break and sustain below this level. Then expect further pressure till 1190$- 1184$.

Resistance in gold chart stands at 1218$, Once market break and sustain above our resistance. Then expect xauusd to fire till 1226$- 1232$.

Silver

Spot price of silver trading at 14.67$, Comex futures trading at 14.61.  Xagusd also under pressure since Monday due to higher US equity markets. A good support in silver price stands at 14.50$, If traders break and sustain below our base. Then expect good pressure till 14.30$- 14.05$.

silver chart

Resistance in silver technical chart stands at 15.05$, If market break and sustain above our resistance. Then expect good rise till 15.30$- 15.50$.

Crude oil

Nymex crude oil prices trading higher since last night. US inventories came positive at -2.6M vs -0.7M expectations. Better than expected inventory driven crude oil prices up and currently its trading at 69.50$ almost at highest point of the day.

A good base on this energy commodity technical chart stands at 68.80$, If traders break and sustain below this level. Then expect pressure till 68$- 67.20$.

Resistance in crude oil prices stands at 70.20$, Once market break and sustain above our resistance. Then expect good buying till 70.90$- 71.60$.

Euro

Euro tested above 1.1700 and crashed again. Currently eur/usd trading at 1.1690, A good base on this forex pair stands at 1.1640. If traders take this support out and manage to sustain below our support. Then expect good pressure in euro till 1.1600- 1.5500.

Resistance in eur/usd technical chart stands at 1.1740, If market break and sustain above our resistance. Then expect good rise till 1.1780- 1.1820.

Conclusion

Comex Gold, Silver trend is weak for now, Avoid any buying. I will update live levels in our newly formed chat room. Its free and you may join by clicking here. Crude oil trend is positive, Euro weak.

For our signals package Whatsapp us at

+91-9920315014

By marafat