Gold forecast
Today’s gold forecast is all depend on job data. Gold price tested 1306.80$ yesterday as we suggested buy signal to our subscribers. We initiated a gold buy signal at 1297$ for target of 1306$. We juiced nearly $900 profit in that trade.
Currently gold price trading almost at yesterday’s level at 1298$, Yesterday US jobless claims came at 221K vs 234K previous. Expectations was 228K. US monthly personal spending rise at 0.6% vs 0.5%, expectations was just 0.4%. Monthly personal income rise 0.3% vs 0.2% previous. Monthly pending home sales crashed -1.3% vs 0.6% previous.
So mix data from US yesterday which kept a lid on gold prices and it did’nt move further. Today we have major Non farm Employment change and Unemployment rate from US. These two will decide further trend and we always rate Non farm data more important than Fed interest rate decision.
Currently gold has a good support on chart at 1291$, If traders trade below this level then expect more pressure in gold price upto 1284$- 1275$ today.
Gold chart suggests a resistance at 1307$, If traders break this hurdle and sustain above this, then expect good rise upto 1317$- 1325$ today.
Gold price forecast conclusion: Gold price is flat for today as prices are trading flat and its waiting for today’s data. Wait till data release and do not take any major position till then.
Bitcoin outlook
Bitcoin ( BTC/USD ) price trading at 7500$ gaining almost 500$ from Monday’s price. Bitcoin recovering smartly since Monday and trading with positive chart since then. A good resistance on bitcoin technical chart stands at 7720$, If traders break this and sustain above our resistance. Then expect good rise in bitcoin price upto 7900$- 8000$ today.
A good support on bitcoin technical chart stands at 7250$, If traders break and sustain trade below this, Then expect pressure in bitcoin upto 7000$- 6800$ today.
Bitcoin outlook conclusion: Bitcoin outlook is flat to positive for now, Buy on dips is good strategy.
More will update to our signals subscribers.