Gold forecast

Comex gold price trading at 1324$, Xau/Usd trading under pressure since yesterday as dollar index continues to climb and testing new highs. A good support on this major commodity chart stands at 1317$, If traders tank this base and manage to sustain trade below our support. Then expect good pressure in gold price upto 1309$ – 1302$ today.

A good resistance on xau/usd chart stands at 1333$, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect more firepower in gold price upto 1341$ – 1352$.

Gold forecast conclusion: We have ECB monetary policy today, and monthly US core durable goods order today, stay cautious. Gold trend is flat to weak for now.

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Forex forecast

Eur/Usd trading at 1.2178, Euro trading lower since yesterday as dollar climbing every day towards new high this month. A good base on this major forex pair stands at 1.2140, If traders tank this base and manage to sustain trade below our support. Then expect more pressure in euro upto 1.2100- 1.2060 today.

A good hurdle on this major forex pair stands at 1.2220, If traders break this major resistance and manage to sustain trade above our hurdle. Then expect good recovery in euro upto 1.2260- 1.2300.

Euro trend is flat to positive for now.

Usd/Jpy trading at 109.34, Its trading higher with dollar basket since Monday. A good base on this major forex pair stands at 108.80, If traders break this major base and manage to sustain trade below our support. Then expect more pressure in usd/jpy upto 108.30- 108 today.

A good hurdle on this major forex pair stands at 109.60, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect good firepower upto 109.99- 110.30.

Usd/Jpy trend is flat to weak for now, expect some profit booking.

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By marafat