Gold forecast

Gold testing higher range as it made high of 1232$ early morning today . Currently prices are trading at 1227$ . A good resistance on intraday gold chart at 1233$ . Once market hit this hurdle and manage to hold above our resistance . Then expect market to test upto 1239$ – 1246$ today . Main problem with market is that its reacting on oil more than dollar . So today’s trading session would be volatile as well .

A good support on intraday gold chart at 1215$ . If traders break this support and manage to hold beneath this level . Then expect 1208$ – 1200$ in today’s trading session .

Gold forecast conclusion : We have two major US data today . One is crude oil inventory which is most crucial data nowdays for market and other is New home sales number . These two will give fate to gold prices for upcoming days . Trend is flat to positive for now .

Silver forecast

Silver ( xagusd ) price trading flat since yesterday . Its underperforming gold once again and hinting a weakness in prices . A good resistance on intraday silver chart at 15.55$ . If traders break this hurdle and manage to trade above this level . Then expect market to zoom upto 15.80$ – 16$ today .

A good support on intraday silver chart at 15$ . If traders break this level and manage to sustain below this support . Then expect market to correct upto 14.80$ – 14.60$ today .

Silver forecast conclusion : Trend is flat for now . Wait for crude oil inventory and New home sales data from US to take major position in this white metal .

More will update to our trading signal subscribers .

By marafat