Gold price forecast
Gold price were waiting for two major events since last week. Once was Trump Kim Summit which concluded yesterday on a positive note. North Korea agreed to give up their nukes in exchange of protection from United States. Second was Fed.
Today Fed hikes interest rate by 25 bps, We were expecting this cut since last week, we mentioned in our last gold predictions posts. Fed rate was already discounted in market but Fed sounded a bit hawkish. Fed cleared that we should expect two more rate hikes this yeas vs two.
Dow Jones Index crashed after rate hike, Equity markets were not expecting any hawkish tone by Fed which led selling in stock market. DJIA Index lost almost 300 points within hours and closed in weak territory.
Now we have more clear picture about gold price trend. We should march towards 1350$ soon as mentioned in our monthly gold forecast. Now we may suggest more buying for more upside in gold price.
A good support on xauusd technical chart stands at 1290$, If traders break and sustain below this level. Then expect more pressure in gold price upto 1281$- 1275$ today.
A good resistance on xauusd chart stands at 1309$, If traders break and above our resistance. Then expect gold price to test upto 1317$- 1326$.
Gold price forecast conclusion: Gold price trend is positive for now, Avoid any major selling. Buy in dips is our trade advice.
Silver prices forecast
Silver prices fired after rate hike by interest rate. It cruised past 17$ and tested above 17.09$. Currently silver prices are cruising at 17.01$. A good support on xagusd chart stands at 16.80$, If traders break and sustain below this level. Then expect some pressure in silver prices upto 16.60$- 16.40$ today.
A good resistance on xagusd chart stands at 17.25$, If traders break and sustain above our resistance. Then expect good rise in silver prices upto 17.48$- 17.70$ soon.
Silver prices forecast conclusion: Silver trend is positive for now, Avoid any major selling.
Euro to Dollar forecast
Euro to dollar gave a deep crack near 1.1730 and bounced back once market realized fed is more hawkish than expected. Euro to dollar cruising at 1.1800, A good support on eurusd chart stands at 1.1730, If traders break and sustain below our support. Then expect fresh selling in euro upto 1.1700- 1.1650 today.
A good resistance on eurusd chart stands at 1.1825, Once market break this hurdle and sustain above our resistance. Then expect good rise in euro to dollar upto 1.1860- 1.1899 today.
Euro to dollar forecast conclusion: Eurusd trend is positive for now. Avoid sell in this major forex pair.
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