Gold forecast
Gold price trading flat today after a disastrous Friday. We crashed more than 20$ last week within hours. This triggered a chain reaction of turning chart from positive to negative. Even on smaller charts gold price trend have become negative. This scenario suggests we should sell gold here for gains upto 1270$- 1260$. But are we going to sell today ? Lets find out.
Gold price opened flat today and currently trading at 1280$, Today again we have ECB chairman Mario Draghi speech. He might pull another rabbit from his hat like last week. Last week he unexpectedly announced that ECB will be easing quantitative buying and eventually will end by year end. He also announced ECB wont be raising interest rate till mid 2019. What he says today would be crucial for euro to dollar and gold price as well. So lets wait and let him speak before taking any major trade.
Currently a good support on gold chart stands at 1274$, If traders break and sustain trade below our support. Then expect more pressure in gold price upto 1267$- 1260$ today.
A good resistance on chart stands at 1287$, If traders break and sustain above our resistance. Then expect mild recovery upto 1293$- 1299$. Weekly resistance stands at 1300$, above this expect bulls to take control and price may test upto 1327$- 1355$.
Gold trend is flat to weak for now but lets not take any trade for now. Wait for ECB chairman speech before taking any major trade.
Silver trend
Silver price crashed last week following xauusd. Currently prices are struggling at 16.51$. A good support on silver technical chart stands at 16.25$, If traders break and sustain trade below this. Then expect good pressure upto 16.05$- 15.80$.
A good resistance on silver technical chart stands at 16.75$, If traders break and sustain above our resistance. Then expect good recovery in silver price upto 16.99$- 17.22$.
Silver trend today is weak for now, But lets not sell and wait for sometime. Let the market stabilize first. Markets are highly volatile. Do not trade bulk qty. Trade with strict stop loss.
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[…] outlook is flat to positive, Even yesterday in our forecast we mentioned we are buyers and we will buy in dips. So do not sell on these levels till 1275$ is […]