Gold forecast
Comex gold price trading at 1322$, precious metals opened lower today but now trying to stabilize. We have monthly personal spending data from US which will be crucial to determine gold trend. A good support on xau/usd chart stands at 1315$, If traders take this base out and manage to sustain trade below our support. Then expect good pressure in gold price upto 1307$- 1300$ today.
A good resistance on xau/usd chart stands at 1333$, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good recovery upto 1340$- 1348$.
Gold forecast conclusion: Gold price trend is flat to positive for now. Trade low qty this week.
Silver support at 16.20$, Resistance 16.66$, Trend flat to positive.
Forex analysis
Eur/Usd trading slightly higher at 1.2136, euro in positive territory as dollar index facing some profit booking pressure in early morning trade. A good base on this major forex pair stands at 1.2090, If traders break this support and manage to sustain trade below our base. Then expect more pressure in euro upto 1.2050- 1.2010 today.
A good resistance in this major forex pair stands at 1.2160, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect good firepower in euro upto 1.2199- 1.2240 today.
Euro trend is flat to positive for now.
Usd/Jpy trading at 109.15, A good base on this major forex pair stands at 108.80, If traders break this support and manage to sustain trade below our base. Then expect good pressure in usd/jpy upto 108.40- 108.
A good hurdle on this major forex pair stands at 109.51, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good firepower in usd/jpy upto 109.90- 110.30 today.
Usd/Jpy trend is flat to positive for now.
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