Gold forecast
Comex Gold ( xauusd ) price trading at 1237$ . It crashed in opening and currently prices are in pressure from sellers as china’s manufacturing data came better than expected . A good support on daily technical chart stands at 1228$ today . If traders breaks this major base and manage to sustain trade below our support today . Then expect more pressure in xauusd prices upto 1220$ – 1214$ today .
A good resistance on daily technical chart stands at 1244$ . If traders breaks this major hurdle and manage to sustain trade above our resistance today . Then expect some recovery in xauusd prices upto 1252$ – 1260$ today .
Gold forecast conclusion : Comex xauusd trend is weak for now .
Silver forecast
Comex Silver ( xagusd ) price trading at 16.59$ . A good base level on daily technical chart stands at 16.40$ . If traders take this base out and manage to sustain trade below our support today . Then expect more pressure in xagusd prices upto 16.20$ – 16$ today .
A good hurdle on daily technical chart stands at 16.80$ . If traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in xagusd prices upto 17.05$ – 17.30$ today .
Silver forecast conclusion : Comex xagusd trend is weak for now .
We have UK and US manufacturing data today . So stay cautious .
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