Gold forecast May 03, 2018

By | May 3, 2018

Gold forecast

Comex gold price trading at 1310$, Last night it recovered slightly and tested near 1313$ after fed decided to keep interest rate unchanged. Now main focus would be on tomorrow’s Non farm employment change data which is extremely important and will give an idea about dollar and gold price for next week/month.

Currently a good support on xau/usd chart stands at 1298$, If traders take this base out and manage to sustain trade below our support. Then expect good pressure in gold prices upto 1290$- 1281$.

A good resistance on xau/usd chart stands at 1318$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good recovery in gold price upto 1324$- 1332$ today.

Gold forecast conclusion: Comex gold trend is flat to weak for now. But we wont recommend any kind of sell position here. Buy in dips would be appropriate with stoploss below our today’s support.

Silver tested 16.54$ last night and now cruising at 16.40$. Support now stands in silver at 16.20$, resistance 16.66$. Trend is flat to positive for now.

Crude oil forecast

Crude oil prices are trading at 67.80$, Yesterday inventory came way better than expected. This obviously would put some pressure in oil prices and now a good support on this major commodity chart stands at 66.50$, If traders take this base out and manage to sustain trade below our support. Then expect good pressure in crude oil price upto 65.20$ – 64$ today.

A good hurdle on this major commodity stands at 68.50$, If traders take this hurdle and manage to sustain trade above our resistance. Then expect good firepower in crude oil upto 69.80$ – 71.20$.

Crude oil forecast conclusion: Crude oil trend is flat to weak for now.

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