Comex gold ( xauusd ) price trading at 1294$ , yesterday it tested 1299$ in a good run and our buy signal delivered more than 80 pips profit . Today we have UK’s bank stress results and a busy calendar from US as we wait for consumer confidence and Fed chair designate Powell speaks . A good support on daily technical chart stands at 1288$ , if traders take this base out and manage to sustain price below this key level . Then expect more pressure on this precious metal upto 1280$ – 1272$ .
A good resistance on technical chart stands at 1302$ , once traders cut through this level and manage to hold price above this resistance , then expect good firepower in this major commodity prices upto 1309$ – 1318$ .
Gold forecast conclusion : Comex gold trend is flat to positive for now .
Comex silver ( xagusd ) price remain under pressure as it could not go beyond 17.20$ yesterday and still trading near dangerous psychological support of 17$ , a good base on daily chart stands at 16.88$ , if traders cut this base and manage to hold price below this key level . Then expect more pressure on this precious metal upto 16.70$ – 16.50$ today .
A good hurdle on daily chart stands at 17.28$ , once traders break this major hurdle and manage to hold price above this resistance , then expect good rise in price upto 17.54$ – 17.80$ .
Silver forecast conclusion : Comex silver trend is flat for now .
More will update to our trading signals subscribers .