Gold price forecast
Comex gold price trading at 1326$, xau/usd trading flat since yesterday . Despite weak US data dollar index recovered and bullions crashed . Germany’s weak data opened gate for dollar and it hammered precious metals . A good support on xau/usd chart stands at 1318$. If traders take this base out and manage to sustain trade below our support. Then expect gold price to test upto 1308$ – 1300$ today.
A good hurdle on daily xau/usd chart stands at 1336$, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect gold prices to test upto 1344$ – 1351$ today.
Gold price forecast conclusion: Gold trend is weak for now but we have Unemployment rate, Non farm employment change data from US today which are very crucial. Keep an eye on both data to determine further trend is precious metals .
Silver support at 16.15$, resistance 16.55$, Trend weak.
Forex forecast
Eur/Usd trading at 1.2234, Euro crashed after weak data from Germany and strong US dollar. A good base on this major forex pair stands at 1.2190, If traders tank this base and manage to sustain trade below our support. Then expect more pressure in euro upto 1.2150 – 1.2100 today.
A good hurdle on this major forex pair stands at 1.2270, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good recovery in euro upto 1.2300 – 1.2345 today .
Euro trend is flat to positive for now .
Usd/Jpy trading at 107.35 trading higher since yesterday, A good base on this major forex pair stands at 106.90, If traders break this major base and manage to sustain trade below our support. Then expect more pressure in usd/jpy upto 106.40 – 106 today.
A good hurdle on this forex pair stands at 107.70, If traders breaks this major hurdle and manage to sustain trade above our resistance. Then expect more firepower in usd/jpy upto 108.10 – 108.50.
Usd/Jpy trend is positive for now.
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