Gold price trading flat since yesterday at 1297$, It tested above 1300$ in early morning session then came back with same pace. Currently dollar index trading almost at highest point of the day and its trading at highest since November 9 2017. Currently dollar is putting precious on precious metal pack and its keeping them to trade higher. We have consumer confidence data from US today which would give some heads up for upcoming week.
A good support on gold chart stands at 1287$, If traders take this support out and manage to sustain trade below our support. Then expect more pressure in this major commodity price upto 1281$- 1275$ today.
A good resistance on gold chart stands at 1303$, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good recovery in this major commodity price upto 1309$- 1317$.
Gold forecast conclusion: Gold forecast is flat to weak for now, Wait for resistance to break to initiate any buy. Trade with strict stoploss and trade low qty as we have major data ahead this week. Trade with extreme caution.
Crude oil analysis
Crude oil trading flat to lower since yesterday. Currently its struggling at 66.70. A good support on oil chart stands at 65.30$, If traders take this support out and manage to sustain trade below our support. Then expect good pressure in this major commodity prices upto 64.30$- 63.20$ today.
A good resistance on crude oil chart stands at 67.70$, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good recovery in this major commodity prices upto 68.80$ – 69.90$ today.
Crude oil analysis conclusion: Crude oil trend is flat to weak for now, Avoid any major buy trade. Use strict stoploss in positions.
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