Gold analysis
Comex Gold ( xauusd ) price trading at 1262$ . It tested 1272$ yesterday and came down pretty good . A good support on daily chart stands at 1254$ . If traders take this base out and manage to sustain trade below our support today . Then expect more pressure in this major commodity prices upto 1245$ – 1240$ today .
A good resistance on daily chart stands at 1273$ . If traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in this major metal upto 1280$ – 1288$ today .
Gold analysis conclusion : Comex xauusd trend is weak for now .
Silver analysis
Comex Silver ( xagusd ) price trading at 16.50$ . Today again xagusd made low at 16.46$ like yesterday . Base key on chart stands at 16.45$ . Once traders take this base out and manage to sustain trade below our support today . Then expect more pressure in xagusd prices upto 16.22$ – 16$ today .
A good hurdle on daily chart stands at 16.70$ . If traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in xagusd prices upto 16.92$ – 17.12$ today .
Silver analysis conclusion : Comex xagusd trend is weak for now .
We have UK monetary policy and manufacturing data from US . Stay cautious .
More will update to our trading signals subscribers .