Gold forecast 16th November 2017

By | November 16, 2017

Gold forecast

Comex gold ( xauusd ) price tested 1286$ yesterday but could not hold above this level and gave a big crack till 1275$ . Currently prices are flirting with 1278$ , a good support on daily chart stands at 1270$ , if traders take this base out and manage to hold price below this level . Then expect good pressure in xauusd prices upto 1262$ – 1255$ today .

A good resistance on daily chart stands at 1292$ , if traders take this hurdle out and manage to sustain trade above our resistance , then expect more firepower in xauusd prices upto 1299$ – 1307$ .

Gold forecast conclusion : Comex gold trend is flat for now , its trading in a small 10-12$ range since last 1 week . Follow key levels and trade .

Silver forecast

Comex silver ( xagusd ) price trading at 16.98$ , it did not crash like gold and still standing firm in 16.90-17$ range since yesterday . 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 in xagusd prices upto 16.51$ – 16.30$ .

A good hurdle on daily chart stands at 17.25$ , this major hurdle is major barrier in order to resume fresh buying in this precious metal . Once traders break this and manage to hold price above this key level . Then expect more firepower upto 17.48$ – 17.70$ in xagusd .

Silver forecast conclusion : Comex silver trend is flat for now .

We have US unemployment claims today . Keep an eye on data .

Read weekly metals analysis here

More will update to our trading signals subscribers .