Gold price forecast
Comex gold price tested 1329$ as it broke crucial support of 1331$ last night , but it recovered immediately and now cruising past 1333$ . Today we have advance Non farm data with manufacturing data update from US , these will be crucial to determine the actual NFP numbers which are due this friday .
A good support on xau/usd chart stands at 1328$ , If traders take this base out and manage to sustain trade below our support . Then expect gold prices to test upto 1322$ – 1316$ today .
A good resistance on xau/usd chart stands at 1341$ , If traders break this barrier and manage to sustain trade above our resistance . Then expect gold price to test upto 1348$ – 1356$ .
Gold forecast conclusion : Gold trend is flat to positive for now .
Forex forecast
Eur/Usd trading lower at 1.2269 , soft data from Germany and good strength in US dollar caused this weakness in euro yesterday which its continuing today too . A good base on this major forex pair stands at 1.2230 , If traders take this base out and manage to sustain trade below our support . Then expect good pressure in euro upto 1.2200 – 1.2160 today .
A good hurdle on this major forex pair stands at 1.2305 , If traders take this hurdle out and manage to sustain trade above our resistance . Then expect good firepower in euro upto 1.2350 – 1.2390 .
Euro trend is weak till its not crossing our resistance .
Usd/Jpy trading higher at 106.60 , A good base on this major forex pair stands at 106.20 , If traders take this base out and manage to sustain trade below our support . Then expect good pressure in usd/jpy upto 105.80 – 105.40 .
A good hurdle on this major forex pair stands at 107.05 , If traders take this hurdle out and manage to sustain trade above our resistance . Then expect good firepower in usd/jpy upto 107.30 – 107.70 .
Usd/Jpy trend is flat for now .
More will update to our signals subscribers .