Technical analysis gold silver 19 october 2017

By | October 19, 2017

Gold analysis

Comex gold ( xauusd ) price trading at 1279$ , its making low again and metal pack has been an under performer since 3 days due to equity markets out performance , specially Wall street . Dow jones making new life time highs every single day which is putting pressure on precious metals market .

A good support on daily gold chart stands at 1270$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this commodity upto 1262$ – 1255$ today .

A good resistance on daily chart stands at 1286$ , once traders take this hurdle out and manage to sustain trade above our resistance today . Then expect good recovery in this precious metal upto 1293$ – 1300$ .

Gold technical analysis conclusion : Gold trend is flat to weak for now .

Silver analysis

Comex silver ( xagusd ) price trading at 16.97$ , it tested 16.90$ and trying to recover . A good base level on daily chart stands at 16.75$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 16.54$ – 16.33$ today .

A good hurdle on daily chart stands at 17.25$ , if traders charge this hurdle and manage to sustain trade above our resistance today . Then expect more firepower in this precious metal upto 17.54$ – 17.75$ .

Silver technical analysis conclusion : Silver trend is flat to weak for now .

We have US unemployment claims data today . Stay cautious .

Read our yesterday’s forecast here

More will update to our trading signals subscribers .

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  1. Pingback: Technical analysis gold 20 october 2017 . Silver tips .

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