Gold forecast
Gold price ( xauusd ) trading flat since it opened. Yesterday it opened positive and tested near 1271$ but market could not sustain on higher levels and xauusd lost its gains in early session only. Despite good crash in equity market and dollar index, precious metals price are not showing any strength and testing new lows.
Yesterday DJIA index lost almost 1.25% while it tested below 25200. Dollar Index lost nearly 0.30% when it traded below 93.90. These factors should have sent precious metals price roaring but instead, Its slowing down and showing weakness which is a puzzle. Latest gold forecast is based on technical levels which are given below.
A good support on gold chart stands at 1261$, we mentioned this support in our last week’s gold forecast too. If traders break and sustain below this base. Then expect fresh selling in xauusd upto 1255$- 1248$.
A good resistance on technical gold chart stands at 1272$, If traders break and sustain above our resistance. Then expect good recovery in xauusd price upto 1279$- 1284$.
Gold forecast conclusion: Market trend is flat for now, follow technical levels. We use spot gold price in our analysis and technical levels. Kindly do not confuse them with futures.
Silver forecast
Silver price ( xagusd ) feeling pressure since yesterday. Its under performing since it opened and testing new lows. It made low of 16.27$ which is crucial as our main support on chart stands at 16.25$. If traders tank this base and manage to sustain below 16.25$. Then expect good pressure in silver upto 16$- 15.80$.
A good resistance on silver chart stands at 16.55$, this resistance we are mentioning since last week. Our latest forecast also contains same level for resistance. Once traders break and sustain above our hurdle. Then expect good recovery in silver price upto 16.80$- 17$ soon.
Silver forecast conclusion: Silver trend is weak for now. But we see silver weakness as a buying opportunity, We will update some trade to our signals subscribers. We follow spot silver levels. Kindly do not confuse with futures levels.
Euro to Dollar forecast
As stated in our weekly euro to dollar forecast we do not recommend any selling and it might reverse the trend. Euro to US dollar gained nearly 100 pips in less than 24 hours. Currently cruising at 1.1702. A good resistance on eurusd chart stands at 1.1730, If traders break and sustain above our resistance. Then expect this major forex pair to zoom upto 1.1770- 1.1800 today.
A good support on this forex pair stands at 1.1640, If traders break and sustain below our support. Then expect euro to dollar to test again upto 1.1600- 1.1500.
Euro to dollar forecast conclusion: Eurusd trend is positive for now. Avoid any major selling in this forex pair.
We have CB consumer confidence data today from US. Stay cautious. Market is trading in a narrow range. Trade with extreme caution and place strict stop loss in every position.
More will update to our trading signals subscribers.