Gold forecast
Comex Gold ( xau/usd ) price trading at 1234$ . It again made lows last night as it tested near 1225$ but now its trying to recover as short covering could be the reason for this small rise . However a good resistance on daily technical chart stands at 1243$ . If traders manages to break this level and sustain trade above our resistance . Then expect some breather upto 1249$ – 1257$ today .
A good support on daily technical chart stands at 1225$ . If traders breaks this major base and manage to sustain trade below our gold support today . Then expect more pressure from gold sellers upto 1217$ – 1208$ today .
Gold forecast conclusion : Comex xau/usd trend is weak for now .
Silver forecast
Comex Silver ( xag/usd ) price trading at 16.44$ . It tested a good high of 16.51$ early morning today and currently trying to sustain over 16.40$ . However a good hurdle on daily technical chart stands at 16.55$ . If traders breaks this major hurdle and manage to sustain trade above our resistance today . Then expect more recovery in silver prices upto 16.77$ – 16.99$ today .
A good base level on daily technical chart stands at 16.20$ . If traders take this support out and manage to sustain trade below our base today . Then expect more pressure in silver prices upto 16$ – 15.70$ today .
Silver forecast conclusion : Comex xag/usd trend is flat for now .
Read our yesterday’s forecast here
More will update to our trading signals subscribers .