Gold forecast
Comex gold price trading at 1326$, It tested 1333$ last night but now retracing since then. Gold is not able to sustain on higher levels as dollar index is not showing any sign of weakness. Strong dollar is keeping xau/usd prices lower. A good base on this major commodity stands at 1318$, If traders break this support and manage to sustain trade below our support. Then expect more pressure in gold price upto 1308$ – 1301$ today.
A good resistance on xau/usd chart stands at 1335$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect some recovery in gold price upto 1342$ – 1349$.
Gold price forecast conclusion: Comex gold trend is flat to weak for now.
Forex forecast
Eur/Usd trading at 1.2209 as dollar is heading higher since last night. A good support on this major forex pair stands at 1.2170, If traders take this base out and manage to sustain trade below our support. Then expect more pressure in euro upto 1.2140- 1.2100 today.
A good hurdle on this major forex pair stands at 1.2250, If traders manage to cross this barrier and sustain trade above our resistance. Then expect good recovery in euro upto 1.2290- 1.2320.
Euro trend is flat to weak for now.
Usd/Jpy trading higher at 109.14, Good dollar strength is reason this forex pair testing new highs since last week. A good base on this major forex pair stands at 108.70, If traders take this base out and manage to sustain trade below our support. Then expect more pressure in usd/jpy upto 108.30- 108 today.
A good hurdle on this major forex pair stands at 109.50, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good firepower in usd/jpy upto 109.90- 110.30.
Usd/Jpy trend is flat to positive for now.
More will update to our signals subscribers.