Comex gold price tested 1288$ and broke with ease, price tested 1284$ and tried to recover. Finally it gave a close near 1292$ signaling another weak session this starting from Monday. This week we have two speeches from BOE governor and one speech from Fed chairman Powell. Both will have good impact on precious metals.
This week we have an immediate support at 1275$, Once traders break this and manage to close below our support. Then expect more pressure in gold price upto 1251$ and more. However a minor support stands at 1284$ as well ( chart attached ) . Gold buy should be safe till 1284$ stands if anyone have any buy position in this major precious metal.
A good hurdle on gold chart stands at 1325$, Once traders break this hurdle and manage to close above our resistance. Then expect good recovery in gold price upto 1355$- 1381$ this week.
Gold forecast conclusion: Gold trend is weak for upcoming week but strictly no sell at all on these levels. Its highly risky sell. We would recommend a buy to our subscribers in our paid signals.
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Crude oil analysis
Crude oil traded with good positive range and closed above 71$ signaling another positive week ahead. A good support on crude oil chart stands at 67.50$, Once traders take this base out and manage to close below this level then expect good pressure in crude oil price upto 64$ – 61$.
A good hurdle now stands at 73.20$, If traders take this hurdle out and manage to close above our resistance. Then expect more expensive fuel for your car in upcoming days and oil prices may hit upto 77$ – 79$ and even more fire in oil not ruled out.
Crude oil forecast conclusion: Oil trend is positive for upcoming week.
Dow Jones Industrial Average analysis
Last week DJIA Index traded in a small range. US30 traded from 24500 to 24990. Only 500 points for Wall Street is very rare since it started giving wild swings. It closed above 24700 giving a mild signal that it may give some crack this upcoming week.
A good support on Dow Jones Industrial average chart stands at 24300, If traders take this base out and manage to close below our support. Then expect more pressure in US30 Indices upto 24000- 23700 this week.
A good hurdle on this major indices stands at 25050, If traders break this hurdle out and manage to close above our resistance. Then expect good firepower in Dow Jones Industrial average upto 25400- 25700.
Dow Jones Industrial average analysis conclusion: Dow Jones seems slightly tired. Take positions accordingly.
These Dollar levels are still valid. Check here
We will be watching these events this week.
Tuesday: UK’s Inflation report hearing.
Wednesday: UK’s yearly CPI, Oil Inventories, FOMC meeting minutes.
Thursday: ECB monetary policy meeting minutes, BOE governor’s speech.
Friday: UK’s second estimate GDP, US goods orders, Fed chairman speech.
We will be adding mcx and nifty future levels too in our upcoming newsletters.
We will start mid week newsletter too to update on levels.
Good Luck for upcoming week.