Friday, 11 January 2019

DAILY COMEX OUTLOOK REPORT | TRADEWORLD247

Gold/XAUUSD & Brent Crude Oil Outlook



Gold/XAUUSD is showing some fatigue at higher levels it is facing resistance at 61.8% retracement level of previous swing on a daily charts we feel like it will give some gains back till 1275 levels and there is a strong resistance at 1300 odd levels hence it is advised to either wait for the breakout above 1300 levels or sell keeping a sl of 1299
Major Support is at 1282.70 Resistance at 1300.90



Brent Crude Oil after almost falling 40% in a 3 month time showing some strength or we can say seeing some retracement it is expected it to test Fibonacci retracement level of 38.2% placed at 64.18. This level was tested a month back when it is trying to sustain around 60 odd levels but failed to do so, Hence it is advised to hold position till 64.18 levels, All momentum indicators was coming out of oversold zone.
Major resistance 62.10 and support 60.25.


Fundamental news

Gold Price Chart Still Warns of Topping, Fed Chair Powell in Focus
Crude Oil, Gold Prices Focused on FOMC Meeting Minutes
Gold Price Chart Hints at Top Before FOMC Minutes, Powell Speech
Crude Oil Price Rebound May Struggle on US, China Trade War Fears
Gold Prices May Extend Advance as US Jobs Data Disappoints
Crude Oil Prices May Drop From Trend Resistance in Risk-Off Trade.

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