Gold analysis
Comex Gold ( xauusd ) price trading at 1292$ , yesterday it crashed from 1312$ to 1297$ and we enjoyed the crash as our sell signal initiated around 1307$ for 1299$ . A good support on daily chart stands at 1284$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 1278$ – 1270$ .
A good resistance on daily chart stands at 1305$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect some recovery in this precious metal upto 1313$ – 1320$ today .
Gold analysis conclusion : Comex xauusd trend is weak for now , avoid any major buy for now .
Silver analysis
Comex Silver ( xagusd ) price trading at 16.82$ , yesterday it crashed from 17.17$ to 16.82$ range . We enjoyed this crack as we were in sell side . A good base level on daily chart stands at 16.68$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 16.50$ – 16.30$ .
A good hurdle on daily chart stands at 17.05$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect some recovery in this major precious metal upto 17.28$ – 17.54$ .
Silver analysis conclusion : Comex xagusd trend is weak for now .
We have core durable good order data today from US . Stay cautious .
More will update to our trading signals subscribers .