Gold forecast
Gold price was waiting for two major events since last week. We had Trump and Kim summit due today which concluded today. It ended in positive note as both leaders signing papers to normalize situation. This give us a reason not to buy gold for US and North Korea tension. We have one less reason to buy gold today. Today’s summit ease global tensions between US and North Korea. After announcement gold prices are under pressure and currently flirting with 1297$.
One more event of this week is federal reserve decision on interest rate. Its almost certain that we have a hike tomorrow. But what is Fed opinion on economy is important. We will have to see if fed sounds hawkish or dovish. Thats for tomorrow.
For now, A good support on gold technical chart stands at 1293$, If traders tank this support and manage to sustain below 1293$. Then expect more pressure upto 1287$- 1281$ today.
A good resistance again stands at 1302-03$ range, break and sustain above this will give a head room in price upto 1309$- 1317$.
Gold trend forecast conclusion: Gold predictions since last two days are flat. After this summit conclusion we are still not convince for any down or upside. So do not trade buy or sell without stop loss. Use key level to take a trade. Trend is flat for now. Read why you should use stoploss in every trade here
Silver forecast
Silver price tested 16.94$ yesterday and now retracing back. Currently a good support on silver price stands at 16.70$, If traders break and sustain below this level. Then expect more pressure in silver price upto 16.50$- 16.30$ today.
A good resistance on silver price stands at 17.05$, If traders break and sustain above this hurdle. Then expect fresh buying in silver upto 17.28$- 17.48$ today.
Silver market forecast conclusion: Silver trend is flat to positive for now. Trade with caution.
Euro to dollar forecast
Euro came under pressure when Trump and Kim meeting started but now its recovering pretty good. Currently its cruising at 1.1767. A good support on euro chart stands at 1.1730, If traders break and sustain below this level then expect more pressure in euro to dollar upto 1.1700- 1.1650 today.
A good resistance on euro chart stands at 1.1820, If traders break and sustain above our resistance. Then expect good recovery in euro to dollar upto 1.1860- 1.1899 today.
Euro to dollar forecast is flat to positive. Avoid euro sell for now.
More will update to our trading signals subscribers.