Gold price forecast
Yesterday gold prices ( xauusd ) deepen its correction and tested 1047$ . Good US data kept pressure on prices and it could not recover . However currently gold is trading in green as its roaming at 1057$ . Still intraday chart resistance is far at 1066$ . Once market break this resistance for today’s trading session and sustain above our hurdle level then expect market to give small breather to buyers upto 1074$ – 1081$ today .
If gold price ( xauusd ) break our intraday chart support for today’s trading session at 1045$ and sustain below this technical level . Then expect sellers to take control once again upto 1037$ – 1031$ today .
Gold price forecast conclusion : Xauusd trend is still weak . Avoid any major buying for now.
Silver technical analysis
Silver price ( xagusd ) trading at 13.80$ . A good support on chart at 13.50$ . Once market break this support for today’s trading session then expect market to favor sellers upto 13.20$ – 13$ today .
If silver price ( xagusd ) break our intraday resistance at 14.11$ for today’s trading session and sustain above our resistance level then expect market to give some breather to buyers upto 14.30$ – 14.50 today .
Silver technical analysis conclusion : Xagusd trend is still weak . Avoid major buying for now.
Currently market trading in a small range and trading with negative bias. Dollar Index gaining due to good data from US and precious metals are crashing. Better avoid any kind of sell for now but we wont advice buy as well. Wait for more dips in market and there should be a good long term buy.
Above 14.40$ silver should aim for 14.90$- 16$ within week and more firepower above 16$ not ruled out.
Good resistance at 1080$, Once traders break this barrier and market manage to close above this hurdle then expect good firepower in gold price upto 1120$- 1160$ and long term targets for 1300$- 1400$ not ruled out.
So stay cautious and wait for some dip to take a good buy for long term.
More will update to our trading signal subscribers .