Gold analysis
Comex gold ( xauusd ) price trading at 1272$ , it retraced more yesterday from 1276$ to below 1270$ . A good support on daily chart stands at 1264$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major precious metal upto 1257$ – 1250$ today .
A good resistance on daily chart stands at 1282$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect good recovery in this major commodity upto 1289$ – 1297$ .
Gold analysis conclusion : Comex xauusd trend is weak for now , avoid any major buy .
Silver analysis
Comex silver ( xagusd ) price trading at 16.60$ , its trading in mild positive zone but still its down since yesterday . A good base level on daily chart stands at 16.40$ . If traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 16.20$ – 16$ .
A good hurdle on daily chart stands at 16.85$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect some recovery upto 17.05$ – 17.28$ .
Silver analysis conclusion : Comex xagusd trend is weak for now .
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