Gold forecast
Gold ( Xau/Usd ) prices trading at 1173$ slightly lower than its last week closing . A good support in comex gold prices at 1165$ once market break this and sustain below our daily support then expect gold to correct upto 1155$ – 1143$ today .
If gold price click our technical resistance at 1182$ and sustain above our daily resistance today then expect market to test upto 1191$ – 1200$ today .
Gold forecast conclusion : Xauusd trend is flat to weak for now .
Silver forecast
Silver ( Xag/Usd ) prices trading at 15.90$ slightly lower than its last week closing . A good support in silver comes at 15.60$ once market break this and sustain below our technical level then expect market to test upto 15.30$ – 15.05$ today .
Comex silver has a resistance at 16.20$ once market break this and sustain above our technical resistance then expect silver to test upto 16.50$ – 16.80$ today
Silver forecast conclusion : Silver trend is flat to weak for now
Note : China’s GDP numbers ( QoQ ) 1.8% expectations were 1.7% previous was 1.7% ( Numbers came better than expected ) .
China GDP numbers ( YoY) 6.9% expectations were 6.8% previous was 7.0% ( Numbers came better than expectec but its lower than last year around this period ) .
China Industrial Production ( YoY) Sept : 5.7% expectations were 6.0% and previous were also 6.1% which is better than these numbers , so Industrial production of china slipped on QoQ basis and YoY basis as well .
Market already discounted these data so do not give them much weightage in your gold trading . Usually silver prices gets effected with china’s data and its already down 1.3% in comex and 1% in mcx . Consider it discounted in silver as well or almost discounted may be term to describe that move .
More will update to our trading signal subscribers