Gold analysis
Comex Gold ( xauusd ) prices crashed last night after fed decided not to cut interest rate. It crashed from 1312$ to 1300$ last night and currently its trading at 1298$. A good support on daily chart stands at 1290$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 1282$ – 1275$ today.
A good hurdle on daily chart stands at 1308$, if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect some recovery in this precious metal upto 1317$ – 1326$.
Gold analysis conclusion : Comex xauusd trend is weak for now . Avoid trade with buy. Infact we would advice to take minimum position even if you are in selling as market is waiting for ECB president speech today.
Silver analysis
Comex silver ( xagusd ) price trading at 17.04$, it tested below 17$ last night after FOMC announcement to not cut interest rate. A good base level on daily chart stands at 16.80$, if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this precious metal upto 16.60$ – 16.40$ today.
A good hurdle on daily chart stands at 17.30$, if traders take this hurdle out and manage to sustain trade above our resistance today. Then expect some recovery in this major commodity prices upto 17.52$ – 17.75$.
Silver analysis conclusion: Comex xagusd trend is weak for now.
We have ECB president speech and US unemployment claims today . Stay cautious during events . ECB president speech will be crucial as it will give a major impact on euro to dollar pair.
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