Gold
Tensions between US and Saudi rising everyday. Khashoggi disappearance had given a major problem to Saudi. President Trump has kept Saudi on its tows over Khashoggi disappearance and murder. Saudi has taken some steps to ensure everything runs smooth. But Trump doesn’t seem satisfied at all.
Turkey who was facing wrath of Trump seems to have enjoy this tension as incident happen in Istanbul in Saudi’s consulate. Turkey has acted as a whistle blower and Trump may award Turkey for that which could help recovering falling Lira.
Gold currently trading at 1227$. Good support in this major metal stands at 1217$. If traders break and sustain below this base. Then expect good pressure till 1208$- 1200$.
Resistance in gold price stands at 1235$. If market hit this resistance and manage to sustain above our resistance. Then expect good rise in gold price till 1242$- 1249$.
Silver
Silver price trading flat since it opened. Even last week xagusd traded flat last week and did not fall or rise.Currently xagusd trading at 14.63$. Good support in this major commodity stands at 14.30$. If market break and sustain below this base. Then expect more pressure till 14.05$- 13.90$.
Resistance in silver chart stands at 14.75$. If market break and hold beyond this point. Then expect more firepower in xagusd till 14.99$- 15.20$.
Crude oil
Nymex crude oil price trading a little higher since opened. Crude oil would be in focus till US and Saudi dont solve this matter. Currently prices are trading near 70$. Good resistance in this major commodity stands at 70.50$. If market break and sustain beyond 70.50$. Then expect good rise till 71.30$- 72$.
Good support in crude oil stands at 68.80$. If market break and sustain below this level. Then expect good pressure till 68$- 67.30$.
Euro
Euro crashed last week due to higher dollar index. Currently trading higher at 1.1528. Good resistance in this forex pair stands at 1.1560. If market break and sustain aboveour resistance. Then expect good rise till 1.1599- 1.1640.
Support in euro stands at 1.1480. If traders break and sustain below this point. Then expect good pressure till 1.1430- 1.1380.
Conclusion
Saudi and US would be in focus as market is waiting if problem resolved or Trump take some serious actions. For now Comex Gold, Silver is in positive zone. Crude oil is in positive zone. Euro flat to positive.
Click here to join our live chat room and get all live market updates.