Gold forecast
Comex gold ( xauusd ) price gained 1% on weak equity and weak dollar , prices tested 1294$ last night . Currently prices are flirting with 1290$ , a good support on daily chart stands at 1282$ , if traders take this base out and manage to sustain trade below our support today . Then expect good pressure on this major commodity prices upto 1275$ – 1270$ today .
Fed meeting minutes released yesterday signaling a possible rate hike in december which gave good push to gold prices . Today US is closed due to Thanksgiving so in evening market may swing without much direction . A good hurdle on daily chart stands at 1299$ , if traders cut this hurdle and manage to hold above this . Then expect good firepower in this precious metal upto 1307$ – 1317$ .
Gold forecast conclusion : Gold trend is positive for now .
Silver forecast
Fed minutes showed that many members were concerned that weak inflation would be long term . They cautioned that weak inflation could hamper longer term inflation or it has done already . Currently silver prices flirting with 17.10$ . A good hurdle on daily chart stands at 17.30$ , if traders take this hurdle out and manage to hold price above our resistance today . Then expect good firepower in this major commodity upto 17.54$ – 17.78$ .
A good base level on daily chart stands at 16.90$ , if traders cut this base and manage to sustain trade below our support . Then expect some downside in this precious metal upto 16.70$ – 16.50$ .
Silver forecast conclusion : Silver trend is flat to positive for now .
We have UK’s second estimate on quarterly GDP .
Read our yesterday’s analysis , key levels here