Gold forecast
Comex Gold ( xau/usd ) price crashed further as Fed did not cut interest rate and retained their interest rates last night . Currently its trading at 1236$ . Today we have ECB president Mario Draghi speech . A major event would be Non farm productivity from US . We have a good support on technical chart at 1227$ . If traders take this support out and manage to sustain trade below our support today . Then expect more pressure in gold prices upto 1220$ – 1212$ today .
A good resistance on daily technical chart stands at 1243$ . If traders breaks this major hurdle and manage to sustain trade above our resistance today . Then expect some breather to gold buyers upto 1249$ – 1257$ today .
Gold forecast conclusion : Comex xau/usd trend is weak for now .
Silver forecast
Comex Silver ( xag/usd ) price trading at 16.45$ . Its also facing heat from xau/usd and continuing its weakness . A good base level on daily technical chart stands at 16.20$ . If traders unseat this base and manage to sustain trade below 16.20$ today . Then expect more pressure in silver prices upto 16$ – 15.70$ today .
A good hurdle on daily chart stands at 16.72$ . If traders unseat this hurdle and manage to sustain trade above 16.72$ today . Then expect some breather to silver buyers upto 16.99$ – 17.20$ today .
Silver forecast conclusion : Comex xag/usd trend is weak for now .
Read our yesterday’s forecast here
More will update to our trading signals subscribers .
[…] Read our yesterday’s forecast here […]