Gold price forecast
Comex gold price trading at 1290$, Its trying to recover since yesterday but unable to break 1295$. Yesterday it got a good push when US unemployment claims higher than expected which put some pressure on dollar index. Currently dollar trading near lowest point of the day and gold trading near highest point.
A good support on gold chart stands at 1281$, If traders tank this base and manage to sustain trade below our support. Then expect good pressure in gold price upto 1274$ – 1266$ today.
A good resistance on gold chart stands at 1295$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect some mild recovery in gold price upto 1300$ – 1308$ today.
Gold price forecast conclusion: Comex gold trend is flat to positive for now. Buy in dips would be our advice for now.
Dow Jones Index analysis
Dow Jones Index trading at 24752, Yesterday it tested 24630 and then bounced back after that. Currently trading in a flat zone. A good support on Dow Index chart stands at 24620, If traders take this base out and manage to sustain trade below our support. Then expect good pressure in dow jones index upto 24501- 24300 today.
A good hurdle on Dow jones index stands at 24850, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good firepower in US30 upto 24970- 25080 today.
Dow Jones Index analysis conclusion: US30 trend is flat to weak for now, Avoid major buy for now.
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Currently dollar is indicating a sell. So do not buy any major dollar component. Such as usd/jpy and usd/chf. Euro to dollar should give a good boost on dollar weakness.
More will update to our signals subscribers.