Gold analysis 04 august 2017

By | August 4, 2017

Gold analysis

Comex Gold ( xauusd ) price trading at 1269$ . Yesterday it made low just below 1260$ and fired back near 1270$ . We had fetched nearly 70 pips from this major commodity in last night’s fall . Today we have most important data of the month . Non farm payrolls will decide the fate of both precious metals for upcoming week . A good support on daily chart stands at 1258$ . If traders take this base out and manage to sustain trade below our support today . Then expect more pressure in this major commodity upto 1250$ – 1242$ today .

A good resistance on daily chart stands at 1275$ . If traders unseat this hurdle and manage to sustain trade above our resistance today . Then expect more firepower in this precious metal upto 1282$ – 1290$ today .

Gold analysis conclusion : Major trend will decide after data , till then market is flat to positive .

Silver analysis

Comex Silver ( xagusd ) price made low 16.42$ last night and our sell signal target was 16.44$ . We fetched nearly 110 pips in that trade , currently prices are flirting above 16.70$ . A good hurdle on daily chart stands at 16.92$ . If traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in xagusd prices upto 17.15$ – 17.35$ today .

A good base level on daily chart stands at 16.40$ . If traders take this hurdle out and manage to sustain trade below our support today , then expect more pressure in this major commodity upto 16.20$ – 16$ today .

Silver analysis conclusion : Comex xagusd trend is flat to positive for now .

We have Non farm payrolls and unemployment rate from US . These are major data which will have major impact on both precious metals . Stay cautious .

More will update to our trading signals subscribers .