Comex gold price trading at 1312$, yesterday it tested 1318$ but could not sustain on higher levels. Today we have Non farm employment data which will be a major factor to decide the fate of dollar and gold price. We are 6 hours away from major data so trade with minimum position if you are trading for now.
A good support on xau/usd chart stands at 1307$, If traders tank this base and manage to sustain trade below our support then expect good pressure in gold price upto 1300$ – 1291$ today.
A good resistance on xau/usd chart stands at 1322$, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect good recovery in gold price upto 1329$ – 1337$.
Gold forecast conclusion: Gold trend is flat for now, Market is waiting for Non Farm employment and US unemployment rate. Stay cautious and wait for these major data before taking any position.
Silver support stands at 16.20$, Resistance at 16.66$, Trend is flat to positive for now.
Crude oil forecast
Last night crude oil fired after a sluggish to flat movement for almost full week. Currently prices are cruising at 68.30$, A good base on this major commodity stands at 67.20$, If traders tank this base and manage to sustain trade below our support. Then expect good pressure in oil prices upto 66$ – 65$.
A good hurdle on this major commodity stands at 69$, If traders break this barrier and manage to sustain trade above our resistance. Then expect good firepower upto 70.20$ – 71.50$ not ruled out.
Crude oil forecast conclusion: Oil trend is flat to positive for now.
Wait for US data to take major position in market.
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