Precious metals forecast May 11, 2018

By | May 11, 2018

Precious metals forecast

Gold price trading higher today at 1320$, It finally took off from 1310$ yesterday and we enjoyed it. In our last week newsletter we mentioned that even though on charts market looking weak, we are a buyer of precious metals this week.  Subscribe our free commodity newsletter here

A good support on this major commodity stands at 1307$, If traders take this base out and manage to sustain trade below our support. Then expect good pressure in gold price upto 1300$ – 1291$.

A good resistance on this major commodity stands at 1328$, If traders break this barrier and manage to sustain trade above our resistance. Then expect good firepower in gold price upto 1336$ – 1342$.

We have ECB chairman Draghi speech today. He might turn precious metals upside down with his comment for a while. Keep an eye on this event.

Gold trend is flat to positive for now, avoid major sell.

Silver support at 16.48$, Resistance at 17$. Trend is positive for now.

Crude oil forecast

Crude oil trading at 71.20$, It tested 71.60$ and currently cooling off a bit. A good base on this major commodity stands at 70.40$, If traders tank this base and manage to sustain trade below our support. Then expect good pressure in crude oil upto 69.30$ – 68.50$ today.

A good hurdle on this major commodity stands at 72.20$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good firepower in crude oil upto 73.50$ – 74.80$.

Crude oil trend is positive for now.

Euro forecast

Euro trading at 1.1893, It tested above 1.1930 yesterday when dollar index tested lows. A good support on this major forex pair stands at 1.1840, If traders tank this base and manage to sustain trade below our support. Then expect more pressure in euro upto 1.1800- 1.1750 today.

A good hurdle on this major forex pair stands at 1.1950, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good firepower in euro upto 1.1990- 1.2030 today.

Euro trend is flat to positive for now.

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