Gold
Comex gold ( xauusd ) price trading lower again at 1240$, It drifted lower in morning and tested major support of 1238$. Market is not respecting any level and continuing free fall since it broke our major support of 1267$. Main crash came in xauusd after it broke our support of 1245$ which we updated yesterday in our gold prediction.
Comex gold price is in over sold zone and may bounce a little due to short covering. But this week we have some major data to peak into. We have Fed meeting minutes tomorrow which would give a broader idea about Fed’s outlook on US economy. This should effect US equity and USD index as well.
Currently USD Index trading slightly softer at 94.45. Its showing mild profit booking from higher levels. Gold is sustaining above 1240$ due to dollar’s mild profit booking only, nothing positive in xauusd for now.
A good support on gold price chart stands at 1235$, This is major base on xauusd for now, If traders slip through this and trade below this level for a while. Then expect good pressure in this precious metal upto 1227$- 1220$.
A good resistance on gold price chart stands at 1251$, This level need to cross if buyers wants some hold on market. If traders break and sustain above 1251$, then expect mild recovery in this precious metal upto 1257$- 1263$.
Gold trend today is weak for now, Avoid any major buy. Use strict stop loss. We will be posting our monthly forecast after Non farm employment data.
Silver
Comex Silver ( xagusd ) prices are also under pressure. It broke 15.80$ and tested near our major support of 15.75$. Currently xagusd struggling near 15.85$. A good base on silver price chart stands at 15.70$, If traders break and sustain below our support. Then expect more pressure in this major commodity upto 15.50$- 15.30$.
A good hurdle on silver price chart stands at 16.05$, If traders finally manage to break and sustain above our resistance. Then expect some recovery upto 16.25$- 16.48$. Trend reversal point of silver is 16.55$.
Silver trend today is weak for now. Avoid any buy without any stop loss.
Euro
Eur/Usd holding pretty well against USD since yesterday. Currently euro cruising at 1.1648 almost flat despite good rise in USD Index. A good support on this forex pair stands at 1.1590, If traders break and sustain below this level. Then expect good pressure in euro upto 1.1540- 1.1500 today.
A good resistance on this forex pair stands at 1.1688, If traders break and sustain above our resistance. Then expect good recovery upto 1.1740- 1.1780 in euro.
Euro trend is flat to positive for now.
More will update to our signals subscribers.
[…] In between xauusd price tested 1237.50$ which we updated as our major support in our intraday gold report. Spot gold prices could not break 1237$ and bounced back almost 25$ from 1237$. We did not trade […]