Gold
Gold price moved a bit higher since yesterday. Market is moving a bit tight and trading in a narrow range. We have Fed meet outcome tomorrow and market is focusing on that only. Tomorrow we will come to know how FOMC plans to move ahead with interest rate. If they comment on recent job numbers which came worse than expected. Their take on current Brexit and many other world effect.
In january Fed sounded dovish first time in 2 years which gave a much needed push to gold prices. We need to see how fed gonna react this time as we had very bad Non farm pay roll numbers and we are facing pressure on higher levels in equity market too. We might get an update on US, China’s trade negotiations as well which will give a clear picture too.
Currently gold price trading at 1307$. Good support in this precious metal stands at 1297$. Once traders break and sustain below 1297$. Then expect good pressure in xauusd till 1291$- 1284$ today.
Resistance in gold chart stands at 1312$. Once market break and sustain above 1312$. Then expect good rise in xauusd till 1319$- 1327$.
Conclusion: Comex Gold price forecast is positive for now. 1297$ is major trend decider for now. Market would remain positive till its sustaining above 1297$ and tomorrow we will have Fed event to decide the fate of gold and silver.
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