Gold price forecast
Comex gold ( xauusd ) price trading at 1276$ , last night it crashed further on dollar strength and major highs in wallstreet . US unemployment claims were down from 240K to 238K which gave a good boost to equities a kick to precious metals to send them downward . A good base level on daily technical chart stands at 1265$ , if traders take this base out and manage to sustain trade below our support today . Then expect good pressure on this major commodity upto 1260$ – 1253$ today .
A good resistance on daily chart stands at 1286$ , if traders cut through this hurdle and manage to hold price above our resistance today . Then expect good recovery in this precious metal upto 1292$ – 1300$ .
Gold forecast conclusion : Comex gold trend is weak for now , watch key levels and trade accordingly . Some short covering may occur but if market manage to break our hurdle then dont leave any short open .
Silver key levels
Comex silver ( xagusd ) prices cracked further as it tested below 16.40$ confirming more weakness in this major precious metal . Currently prices are struggling to test 16.45$ , a good base on daily chart stands 16.30$ , if traders cut through this base and manage to sustain trade below our support today . Then expect more pressure upto 16.054 – 15.80$ today .
A good hurdle on technical chart stands at 16.62$ , if traders breaks this major hurdle and manage to sustain trade above our resistance . Then expect some recovery upto 16.84$ – 17.05$ .
Silver key levels conclusion : Comex silver trend is weak for now , avoid any major buy .
Read our yesterday’s forecast here
More will update to our trading signals subscribers .