Gold forecast
Gold price ( xauusd ) trading at 1252$ almost at lowest point of the year. US Dollar charged up yesterday again from 94 to 95. It tested almost 100 pips cycle in less than 24 hours which is a rare scenario for dollar. Currently dollar also trading at highest point of 2018 as it cruise past 95.
Despite a desperate mild profit booking attempt yesterday we are facing lows in gold due to dollar strength. Despite bad data from US yesterday equity and US dollar was on steroids. This put pressure on precious metals as they tanked badly.
Today we have final US and UK GDP numbers, this will give further direction to xauusd price. Lets wait for data release and then take major positions. Technical chart suggests a good support in xauusd price at 1247$, If traders break and sustain below our support. Then expect more pressure upto 1241$- 1235$ in gold.
A good resistance on technical chart stands at 1262$, If traders manage to break this hurdle in this bear market and sustain above our resistance. Then expect mild relief for gold buyers upto 1269$- 1274$ today.
Gold forecast conclusion: Xauusd trend today is weak. But at this point selling wont be a wise trade. We are not suggesting any sell since beginning of the week. Even in yesterday’s analysis we suggested not to sell
Silver forecast
Silver price ( xagusd ) still hanging and performing better than xauusd. This year low of silver was 16$ and today it made 16.01$ so far. A good support on this precious metal chart stands at 15.98$, If traders slip through this base and manage to sustain below this. Then expect fresh selling round in xagusd upto 15.75$- 15.51$ soon.
A good hurdle on silver technical chart stands at 16.25$, If traders pull through this and sustain above 16.25$. Then expect good recovery upto 16.48$- 16.70$.
Silver forecast conclusion: Xagusd trend is weak.
Eurusd forecast
Biggest victim of US dollar strength is euro. It crashed almost 200 pips from its this week’s peak. Currently trading lowest point of the year as it surviving below 1.1530. A good support on euro to dollar chart stands at 1.1490, If traders break and sustain below our support. Then expect more pressure upto eurusd upto 1.1450- 1.1420.
A good resistance on eurusd chart stands at 1.1580, If traders break and sustain above our resistance. Then expect good recovery upto 1.1620- 1.1660.
Eurusd forecast conclusion: Euro trend is weak, Avoid major buy today.
More will update to our trading signals subscribers.