Gold analysis
Comex Gold ( xauusd ) price crashed last night and we enjoyed as we were in selling intraday and medium term gold call as well ( will share about these signals in next post ) . Currently this precious metal is trading at 1307$ , a good support on daily chart stands at 1298$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 1291$ – 1284$ today .
A good resistance on daily chart stands at 1317$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect some recovery in this precious metal upto 1324$ – 1331$ .
Gold analysis conclusion : Comex xauusd trend is weak for now , avoid any major buy .
Silver analysis
Comex silver ( xagusd ) price crashed even harder than gold , we were in sell in this major commodity as well . We enjoyed medium term sell and intraday sell as well . Currently prices are flirting with 17.15$ , a good base level on daily chart stands at 16.90$ . If traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 16.70$ – 16.50$ .
A good hurdle on daily chart stands at 17.40$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect some recovery in this precious metal upto 17.62$ – 17.84$ .
Silver analysis conclusion : Comex xagusd trend is weak for now .
We have building permits data from US today , stay cautious .
More will update to our trading signals subscribers .