Gold forecast
Gold ( xau/usd ) prices trading lower from yesterday we already estimated that gold trend should bring it down and its coming down , yesterday . US markets closed positive and China market is also up 0.5% and other asian markets are also doing fare for now . Gold price has a good support today at 1164$ once comex gold break this support and sustain below our technical support then expect gold to correct upto 1153$ – 1141$ today .
Today we have US Building permits data and Fed chairman Janet Yellen speech which would have good effect on gold prices in US session today . Once gold price click our technical resistance at 1181$ and sustain above our today’s resistance then expect market to fire upto 1191$ – 1200$ today . So today gold forecast is pretty much dependent on fed chairman speech and US data . Main action expecting near or after data only in gold .
Gold forecast conclusion : Gold trend is weak for now so avoid major buy trade till its not breaking our resistance
Silver forecast
Silver ( xag/usd ) prices trading almost in same range since yesterday . Last night it made low below 15.80$ and then bounced back from there unlike gold which is trading in confirm weak zone . xag/usd price trading at 15.88$ a good resistance in silver at 16.11$ once market break this and sustain above our resistance then expect market to zoom upto 16.35$ – 16.55$ today
Silver forecast conclusion : Silver trend is flat to weak for now
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