Gold analysis
Comex gold ( xauusd ) price crashed last night from 1279$ to 1269$ , currently prices are trading at 1268$ . We have some of most important data today such as US unemployment rate and Non farm employment change . These two will decide the fate of precious metals for upcoming weeks . A good support on daily chart stands at 1258$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this precious metal upto 1250$ – 1242$ today .
A good resistance on daily chart stands at 1276$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect some recovery in this major commodity upto 1284$ – 1290$ .
Gold analysis conclusion : Comex xauusd trend is weak for now , avoid any buy and wait for data before initiating any fresh trade .
Silver analysis
Comex silver ( xagusd ) price trading at 16.59$ , it also corrected yesterday and trading near low point of the day . A good base level on daily chart stands at 16.45$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 16.25$ – 16.05$ today .
A good hurdle on daily chart stands at 16.92$ , once traders cross this hurdle and manage to sustain trade above our resistance today . Then expect good recovery in this precious metal upto 17.15$ – 17.40$ .
Silver analysis conclusion : Comex xagusd trend is weak for now .
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