Gold price trend
Gold price trend remained flat since yesterday. It gave a small crack when US data came mix to positive. But since then its surviving around 1294$ to 1300$. Traders are still waiting for Fed decision. It seems gold price has already discounted 25 bps hike and now we will have to see if Fed hikes more than 25 bps interest rate today.
Main highlight of event would be Fed chairman Powell statement, He will give an insight about Fed outlook on economy. Market needs to see If fed is hawkish or dovish on US economy.
Trump Kim Singapore summit concluded with a positive impact on greenback which resulted a minor pressure in gold prices. But how much promises North Korea fulfill is still a mystery. How North Korean take this back home would also be interesting.
For now a good support on gold technical chart stands at 1292$, If traders break and sustain below this level. Then expect more pressure in gold price upto 1287$- 1281$ today.
A good resistance on gold technical chart stands at 1302$, If traders break and sustain above this level. Then expect 1309$- 1318$ today.
Gold predictions are consistent since 2-3 days as we are mentioning Fed and Singapore summit. Now Singapore summit is already factored in prices as stated in our yesterday’s analysis. We just need to see what Fed says tonight after interest rate announcement. Gold price trend is flat for today. Wait for Fed before initiating any trade.
Silver price trend
Silver price trading flat at 16.85$, It tried to fire yesterday by testing above 16.92$ but xauusd could not support the rise and it reverted back. A good support on chart stands at 16.65$, If traders break and sustain below this then expect 16.41$- 16.20$ today.
A good resistance on chart stands at 17.05$, Once traders break through this and manage to hold above 17.05$. Then expect good buying in silver price upto 17.33$- 17.70$.
Silver price trend is flat to positive. Wait for fed announcement before any major trade.
Euro trend
Euro to dollar crashed after good US data. Currently euro to dollar trading at 1.17455. A good support on eurusd chart stands at 1.1700, If traders break and sustain below this then expect 1.1650- 1.1620 today.
A good resistance on eurusd chart stands at 1.1810, If traders break and sustain above this. Then expect 1.1860- 1.1899 today.
Euro to dollar trend is weak for today.
More will update to our signals subscribers.