Gold forecast
Gold ( xauusd ) price trading at 1196$ . It cracked yesterday further and broke 1200$ as well . Even last night it was holding 1200$ but today it could not hold this psychological level . Yesterday world equity markets put pressure on prices . Today china market up 3.2% . Crude oil trading above 30$ . These major factors contributing in weak prices today . A good support on intraday gold chart stands at 1188$ . If traders manage to break this hurdle and sustain below our support today . Then expect xauusd to support sellers upto 1180$ – 1170$ today . Remember it already lost 70$ from its peak in just 2 trading session .
A good resistance on intraday gold chart at 1208$ . If traders pull this hurdle up and manage to sustain above our resistance . Then expect market to fire upto 1217$ – 1228$ today .
Gold forecast conclusion : Trend is weak for now . Avoid major buying .
Silver forecast
Silver ( xagusd ) price trading almost in same range . It did not crash like gold . In other worlds finally silver is outperforming gold . Currently prices are trading at 15.18$ . It tested 15.12$ in early trading hours . A good support on intraday silver chart at 14.98$ . If traders manage to break this support and sustain beneath our support . Then expect market to correct upto 14.75$ – 14.51$ today .
A good resistance on intraday silver chart at 15.41$ . If traders pull this hurdle up and manage to trade above this resistance today . Then expect xagusd to fire upto 15.65$ – 15.90$ today .
Silver forecast conclusion : Trend is weak for now .
More will update to our trading signal subscribers .