Technical analysis gold
Last night comex gold ( xauusd ) price tested 1284$ and then started its downward journey , currently prices are flirting with 1277$ . Today we have Non farm employment change data which will determine the future of precious metals . A good support on daily chart stands at 1269$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this precious metal upto 1262$ – 1255$ today .
A good resistance on daily chart stands at 1286$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in this major commodity upto 1292$ – 1299$ .
Gold technical analysis conclusion : Comex gold trend is flat for now .
Silver analysis
Comex silver ( xagusd ) price trading at 17.10$ , its finding hard to cross 17.25$ since 3 days and always retracing from that hurdle . A good hurdle on chart at 17.25-27$ range , once trading take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in this major commodity upto 17.52$ – 17.83$ .
A good base level on daily chart stands at 16.90$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this precious metal upto 16.70$ – 16.50$ today .
Silver analysis conclusion : Comex xagusd trend is flat for now .
Major data due today so stay cautious .
Read yesterday’s forecast here
Today’s major data can be found here
More will update to our trading signals subscribers .