Gold forecast
Comex gold price crashed yesterday as ECB chairman Mario Draghi delivered a dovish statement and euro collapsed, giving much needed headroom to dollar as it tested new highs last night. US 10 year bond yield shot after US jobless claims better than expected which put pressure on gold price once again and it crashed further.
Today we have advance quarterly numbers from UK and US, which will determine further trend in gold silver prices. A good support on xau/usd technical chart stands at 1307$, If traders take this base out and manage to sustain trade below our support. Then expect more pressure in gold price upto 1300$. Below 1300$ we may have major problem and market may tank upto 1291$ – 1285$.
Gold forecast conclusion: Comex gold trend is weak for now, avoid major buy for now.
Silver support at 16.20$, resistance 16.75$, Trend is weak.
Forex analysis
Eur/Usd trading at 1.2095, Euro crashed after ECB chairman delivered its statement yesterday. A good base on this major forex pair stands at 1.2050, If traders take this base out and manage to sustain trade below our support. Then expect more pressure in euro upto 1.2010- 1.1960 today.
A good resistance on this major forex pair stands at 1.2150, If traders breaks this major hurdle and manage to sustain trade above our resistance. Then expect good recovery in euro upto 1.2199- 1.2240.
Euro trend is weak for now.
Usd/Jpy trading at 109.30, Yen is weakening further on dollar strength and continuing new lows. A good hurdle on usd/jpy stands at 109.70, If traders take this base out and manage to sustain trade below our support. Then expect more firepower in usd/jpy upto 110- 110.40 today.
A good base on this major forex pair stands at 108.90, If traders take this base out and manage to sustain trade below our support. Then expect more pressure in usd/jpy upto 108.50- 108 today.
We have Inter Korean Summit which will have good impact on Yen so keep an eye. Usd/Jpy trend is flat for now. Follow levels to trade.
More will update to our signals subscribers.