Comex gold ( xauusd ) price trading at 1295$ , last night it crashed badly from 1299$ after upcoming Fed chairman Jerome Powell comment on future rate hike . He suggested future rate hike may go even slower if inflation remain low , which boosted Dow jones and made a new lifetime high . US dollar rose again all major currencies increasing pressure on precious metals . Technically a good base level on xauusd chart stands at 1288$ , once trader cut through this level and manage to sustain price below this key base . Then expect more pressure on this precious metal upto 1280$ – 1272$ today .
A good hurdle on daily gold chart stands at 1302$ , once this hurdle is out and traders manage to hold price above this key level . Then expect good fireworks in this major commodity upto 1309$ – 1318$ .
Gold forecast conclusion : Comex gold trend is flat to positive for now .
Comex silver ( xagusd ) price trading at 16.88$ , Fed chairman’s positive comment on economy crushed this precious metal very hard as it crashed from 17.20$ to 16.80$ last night . A good base level on daily chart stands at 16.75$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 16.51$ – 16.30$ .
A good hurdle on daily silver chart stands at 17.25$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in this precious metal upto 17.48$ – 17.70$ .
Silver forecast conclusion : Comex silver trend is weak for now , expect some respite above 17$ only .
Crude oil forecast
Crude oil prices crashed yesterday from 58.80$ to 57.70$ , Oil prices are volatile due to OPEC / Non OPEC meeting . Uncertainty whether there would be any announcement to cut output . Saudi Arabia has clear its stand as they want to curb output further but Russia is not clearing its stands . Currently prices are flirting with 57.80$ , a good base level on chart stands at 57.20$ . If traders break this major base and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 56.50$ – 56$ today .
A good resistance on chart stands at 58.50$ , if traders breaks this major hurdle and manage to sustain above this key level . Then expect more firepower in crude oil prices upto 59.10$ – 59.80$ .
Crude oil forecast conclusion : Crude oil prices are waiting for OPEC meeting announcement then only trend will be clear . Better stay away from any fresh trade .
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