Gold rally to continue, Oil may weak further

Gold forecast today

Comex gold price fired as suggested in our yesterday’s post. We enjoyed it as our buy signal initiated at 1295$. We juiced nearly 700$ profit from our gold signal yesterday. Precious metals fired after President cancelled meet with North Korean leader Kim Jong Un. Dollar Index gave good dip as well. Major push came from weak US data. Unemployment claims rose than expected this put pressure on Dow Index and Dollar Index. Initial Jobless claims rose from 223K to 234K. Which resulted rise in gold silver price. Weaker home sales also helped as it was down at 5.46M vs 5.60M previous. Expectations was 5.56M.

Currently prices are comforting above 1300$ as it broke major resistance of 1302$. A good resistance today on gold chart stands at 1309$, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good recovery in gold price upto 1318$ – 1327$ today.

A good support on gold chart stands at 1292$, If traders tank this support and manage to sustain trade below our base. Then expect good pressure on gold price upto 1284$- 1275$.

Gold forecast today conclusion: Gold forecast today is positive for now. But we wont be taking any major position as we Fed chairman Powell speech and BOE governor Carney speech. Our view is buy in dips.

Crude oil forecast

Crude oil price crashed yesterday as it face good profit booking after a good major run. Currently prices are settling at 70.70$. A good support on oil chart stands at 69.80$. If traders tank this base and manage to sustain trade below our support. Then expect good pressure in this major commodity prices upto 68.70$ – 67.50$ today and then we may expect some cheaper fuel in India.

A good hurdle on crude oil chart stands at 71.60$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect more highs in crude oil price upto 72.80$- 73.50$.

Crude oil forecast conclusion: Crude oil trend is flat to weak for now, but we wont recommend any more selling in this major commodity.

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