Gold price waiting fed meeting minutes ( Updated 06th July )

Update July 06th: Last night Fed meeting minutes signaled fed wont hike more interest rate and would remain on path of its inflation and interest rates. Technical levels remain same as precious metals trading in same range since yesterday. Just wait for today’s major data in evening. Non farm employment data would give more clear idea about US economy. Use below technical levels to trade and we recommend not to take any fresh position till evening.

Gold

Comex gold price ( xauusd ) tested 1261$ yesterday and retraced back from there. We updated xauusd resistance of 1266$ in our yesterday’s gold report. Xauusd could not break that point and started reversing.  Currently market trading flat as precious metals prices are waiting for fed meeting minutes which are due tonight. By mistake we updated about fed minutes yesterday. We apologize for that, we had some software glitch.

Xauusd prices are trading above 1255$ but sustaining below 1260$ since last 4-5 hours. Precious metals are waiting for US Unemployment claims, Manufacturing and Fed meeting minutes today. These two events would decide major movement till tomorrow.

USD Index trading in negative but still gold prices are stable and not going up. Main buying which came Tuesday was led by short covering so lets not started buying by watching weakness in USD Index. If US dollar index break 93.70 then more weakness in dollar not ruled out. If dollar breaks below 93.70 then only we would think of some fresh buying in xauusd and that too till tomorrow. We wont hold any position before Non farm employment data .

A good support on gold price chart stands at 1247$, If traders break and sustain below this level. Then expect good pressure in gold price upto 1240$- 1232$ soon.

A good resistance on gold price chart stands at 1266$, If traders break and sustain above our resistance. Then expect good rise in gold price upto 1272$- 1279$ soon.

Comex gold price forecast today is flat to positive. Avoid any major position before data.

Silver

Comex silver price ( xagusd ) trading at 16.06$, Xagusd made high of 16.16$ against our signal target of 16.14$. Since then it has tested 15.97$ and now trading flat above 16$. A good support on silver technical chart stands at 15.88$, If traders break and sustain below this level. Then expect good correction in xagusd price upto 15.75$- 15.51$.

A good resistance on silver technical chart stands at 16.25$, If traders break and sustain above our resistance. Then expect good recovery in xagusd upto 16.48$- 16.71$.

Comex silver price forecast today is positive.

Euro

In our yesterday’s euro outlook we updated a resistance at 1.1705, Currently this forex pair trading near that resistance only. Today’s forecast suggests positive trend ahead in eurusd. A good resistance on euro to dollar chart stands at 1.1740, If traders break and sustain above our resistance. Then expect more buying in euro upto 1.1780- 1.1810 soon.

A good support on euro chart stands at 1.1650, If traders break and sustain below this level. Then expect some pressure in eurusd upto 1.1600- 1.1550.

Euro trend today is positive for now.

More will update to our signals subscribers.

This post is edited at July 06th 2018.