Gold forecast
Gold ( xauusd ) price tanked yesterday from 1300$ odd zone till 1280$ . Currently prices are trading at 1282$ . A good support on gold chart stands at 1270$ . If traders break this hurdle and manage to sustain trade beneath our support today . Then expect xauusd to correct upto 1262$ – 1254$ today .
A good resistance on gold chart stands at 1291$ . If traders break our resistance today and manage to sustain trade above our hurdle today . Then expect 1298$ – 1307$ in today’s trading session .
Gold forecast conclusion : Trend is weak for now . Avoid any major buying .
Silver forecast
Silver ( xagusd ) price trading at 17.30$ . It crashed yesterday from 17.70$ till 17.30$ . We cashed it this move as we initiated our sell signal at 17.65$ and we booked profit at 17.35$ . A good support on intraday silver chart stands at 16.98$ . If traders break this major support and manage to sustain beneath our support today . Then expect more pain in this commodity prices upto 16.75$ – 16.50$ in today’s trading session .
A good resistance on intraday silver chart stands at 17.55$ . If traders break this hurdle and manage to sustain trade above our resistance today . Then expect xagusd to zoom upto 17.80$ – 18$ today .
Silver forecast conclusion : Trend is weak for now .
We have major data from US today , like Non farm employment change and Non manufacturing PMI . Stay cautious and do not trade big qty near data release time .
More will update to our trading signal subscribers .