Gold forecast
Gold price tested 1302$ yesterday and reverted back but our subscribers booked profit at 1300$ juicing approx 700$ profit per lot in our buy trade. Gold is simmering slowly since it stopped making new lows. If you have noticed its making good lows since Friday. Lets study the lows and highs made by gold since last week.
01st June: Low 1288.30$, High 1300.50$
04th June: Low 1290$, High 1298.05$
05th June: Low 1291.50$, High 1300.80$
06th June: Low 1293.80$, High 1302$.
If you noticed it did not made any low since 01st June and slowly its testing new highs. This pattern is not complete yet but we have started studying it, will share more on this in future updates.
Currently equities market is stopping gold to rise as Dow Index has turned things upside down when it recovered from 24700 to 25100+. Stocks rallied as European markets showing signs that ECB is ready to end quantitative easing, which lead to fall in bonds. Due to recovery in equity dollar index could not sustain below 93 and jumped back. Dollar need so sustain below 92.90 to give reasonable doubt to press fresh sell button in greenback.
A good support on technical chart stands at 1288$, If traders break and sustain below this then expect more pressure in gold price upto 1281$- 1275$ today.
Again a good resistance on gold chart stands at 1302$, Once traders break and sustain above this then expect good strength to this major yellow metal buyers upto 1309$- 1318$ today.
Gold forecast conclusion: Market trend is positive for now, Buy in dips is good strategy. Avoid selling till market holds 1288$.
Silver forecast
Silver prices fired with full power outperforming gold. Our subscribers enjoyed it as we were in buy since 16.40$ range. Currently prices are flirting around 16.70$. A good resistance on silver chart stands at 16.92$, If traders break and sustain above this level. Then expect 17.12$- 17.35$ in silver.
A good support on silver chart stands at 16.40$, If traders break and sustain below this then expect some serious trouble in prices upto 16.20$- 16$.
Silver forecast conclusion: Silver trend is positive for now. Buy in dips is good strategy.
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