Comex gold price trading at 1289$, It tested 1283$ last night and then gave an approx 10$ bounce but could not sustain on higher levels. 10 Year bond yield would be interesting to watch as it keeps rising and putting pressure on gold price.
A good support on gold chart stands at 1281$, If traders tank this base and manage to sustain trade below our support. Then expect more pressure in gold price upto 1275$- 1266$ today.
A good resistance on gold chart stands at 1296$, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect some recovery upto 1302$- 1309$ today.
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Gold forecast conclusion: Comex gold trend is flat to weak for now, but selling on these levels would be risky. We would advise to take a buy on dips. Watch out for major support, If its broken then do not hold any major buy positions.
Crude oil forecast
As mentioned in our weekly analysis crude oil price is rising and testing news highs. Sign up for our newsletter free here.
Currently prices are cruising at 72.50$, A good hurdle on crude oil chart stands at 73.50$, If traders break this barrier and manage to sustain trade above our resistance. Then expect good firepower in crude oil again upto 74.80$- 76$.
A good support on crude oil chart stands at 71.30$, If traders tank this base and manage to sustain trade below our support. Then expect good pressure in oil prices upto 70.40$- 69.20$ today.
Crude oil forecast conclusion: Crude oil trend is positive for now, avoid any major selling for now. Watch out for support, Once its out then expect good profit booking.
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