Gold price outlook
Comex Gold price ( xauusd ) trading at 1260$, It made low of 1237.50$ and we updated a major support in gold prices at 1237$ in our yesterday’s gold report. Xauusd could not break 1237$ and fired back with full power. We enjoyed this run as our gold signal initiated at 1246$ for target of 1254$ which achieved yesterday itself.
Currently xauusd prices are cruising near 1260$, Main buying yesterday due to short covering which we was expecting. Dow Jones Index and USD Index weakness fueled the rally as Wall Street lost nearly 200 points and USD Index lost 0.5% yesterday. Currently DJIA and dollar trading stable but gold has entered in short term positive zone for now. But we wont recommend any further buy before Friday’s major data.
A good intraday support on gold price chart stands at 1247$, If traders break and sustain below this level. Then expect more pressure in xauusd upto 1241$- 1237$. Short term base and positional stop loss for gold stands at 1237-35$ ( We are not recommending any buy position, Just giving stop loss to those who are stuck in buy positions by themselves, We did not recommend any positional buy to our subscribers. )
Today is July 04th, US Independence day, Evening session of market would face low volumes due to holiday in US. A good resistance on gold price chart stands at 1266$, If traders break and sustain above our resistance. Then expect good recovery in gold prices upto 1272$- 1278$. Gold price outlook would be cleared after Friday data. We have Fed meeting minutes tonight as well which will give deeper outlook of US economy according to feds. So do not get carrier away with buy even if xauusd breaks resistance today.
Gold price outlook conclusion: Comex Xauusd trend today is positive but we dont recommend any fresh position in precious metals. Our monthly gold price forecast will release this weekend so wait for it before initiating any big trade.
Silver price outlook
Comex Silver price ( xagusd ) trading higher at 16.14$, Our buy signal initiated yesterday at 15.91$ for target of 16.14$. Our subscribers fetched nearly 110 pips in this trade and made approx $1100 profit per lot. Currently silver price trading above our target of 16.14$. A good resistance on silver price chart stands at 16.27$, If traders break and sustain above 16.27$, Then expect good recovery in xagusd upto 16.48$- 16.70$.
A good base on silver price chart stands at 15.90$, If traders break and sustain below 15.90$, Then expect good selling again in xagusd upto 15.70$- 15.51$.
Silver price outlook conclusion: Xagusd trend is positive for now. But we do not recommend any fresh position in precious metals.
Euro outlook
Eurusd trading higher today after USD Index weakness. Currently euro cruising at 1.1672. A good support on this major forex pair stands at 1.1630, If traders break and sustain below this level. Then expect good pressure on euro upto 1.1590- 1.1550 today.
A good resistance on this major forex pair stands at 1.1705, If traders break and sustain above our resistance. Then expect good rise in euro upto 1.1740- 1.1780 today.
Euro outlook conclusion: Eurusd trend is positive for now.
More will update to our signals subscribers.