Comex gold ( xauusd ) price trading at 1283$ , yesterday it cracked even more following good US data . A good support on daily chart stands at 1275$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 1270$ – 1262$ today .
A good resistance on daily chart stands at 1292$ , if traders breaks this major hurdle and manage to hold price above this key level . Then expect more firepower in this major precious metal upto 1299$ – 1307$ .
Gold forecast conclusion : Comex gold trend is weak for now , avoid any major buy before any trend reversal .
Comex silver ( xagusd ) price crushed very badly last night as it tested 16.51$ and hitting many stops . Currently its cruising at 16.55$ , a good base level on daily chart stands at 16.30$ . Once traders click this base and manage to sustain price below this level . Then expect more pressure on this major commodity upto 16.054 – 15.80$ .
A good hurdle on daily chart stands at 16.75$ , if traders take this hurdle out and manage to hold price above our resistance today . Then expect minor recovery in this precious metal upto 16.99$ – 17.20$ today .
Silver forecast conclusion : Comex silver trend is weak for now , avoid any major buy .
We have US unemployment claims and personal spending data today . Keep an eye on events .
More will update to our trading signals subscribers .