Gold forecast
Gold prices tank further as it opened lower around 1321$ and crashed till 1310$. Currently prices are surviving at 1312$, A good support on daily xau/usd chart stands at 1300$, If traders break this major base and manage to sustain trade below our support. Then expect more pressure in gold price upto 1291$ – 1284$ today.
A good resistance on xau/usd chart stands at 1326$, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect good recovery in gold price upto 1334$- 1342$ today.
Gold forecast conclusion: We have manufacturing data from US & UK today, Stay cautious. Gold trend is weak for now.
Forex analysis
Eur/Usd trading at 1.2063, Euro cracking as dollar index is going strong and testing new highs. A good base on this major base and manage to sustain trade below our support. Then expect more pressure in euro upto 1.2020- 1.1970 today.
A good hurdle on this major forex pair stands at 1.2090, If traders break this barrier and manage to sustain trade above our resistance. Then expect good recovery in euro upto 1.2130- 1.2180 today.
Euro trend is weak for now.
Usd/Jpy trading at 109.45, Dollar index driving this forex pair higher as it trades near day’s high. A good hurdle on this major forex pair stands at 109.80, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect good firepower in usd/jpy upto 110.20- 110.50.
A good base on this major forex pair stands at 109, If traders tank this base and manage to sustain trade below our support. Then expect good pressure in usd/jpy upto 108.70- 108.40.
Usd/Jpy trend is flat to positive for now.
Trade minimum this week as we have Non farm Employment and Fomc decision on interest rate this week.
More will update to our signals subscribers.