Gold forecast
Comex gold price trading at 1308$, last night it tested 1301 as dollar index tested new highs above 92. Currently prices are trying to stabilize as market awaits for fed announcement on interest rate tonight. A good support on xau/usd chart stands at 1298$, If traders tank this base and manage to sustain trade below our support. Then expect good pressure in gold price upto 1291$ – 1284$ today.
A good resistance on xau/usd chart stands at 1319$, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good recovery in gold price upto 1327$- 1337$.
Gold forecast conclusion: Comex gold trend is flat to weak for now.
Silver support at 16$, Resistance at 16.55$. Trend flat to positive.
Crude oil forecast
WTI crude oil price trading at 67.50$, Oil prices are trying to retrace since Monday and trading lower. Iran tensions gave a rise to oil prices last week and now market waiting for inventory due which is due tonight. A good base on this major commodity stands at 66.20$, If traders break this base and manage to sustain trade below our support. Then expect good pressure in crude oil price upto 65$ – 63$.
A good hurdle on this major commodity stands at 68.60$, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good firepower upto 69.90$ – 71$.
Crude oil forecast conclusion: Crude oil trend is flat to weak for now.
More will update to our signals subscribers.