Gold outlook
Gold price trying to settle above 1280$ after flirting with 1280$ full day since yesterday. Currently markets trying to stabilize after major crash of Friday. We are yet to determine the cause of Friday’s crash but best explanation is that gold moved one day late. Thursday we had major highs in dollar and crash in euro. It seems some major institutions and banks sold their fair share of precious metal one day late.
Currently prices are looking firm above 1280$, A good support on technical chart stands at 1275$, If traders break and sustain trade below this level. Then expect more pressure in gold price upto 1267$- 1260$.
A good resistance on technical chart stands at 1292$, If traders break and sustain above 1292$ then expect mild recovery upto 1299$, our weekly resistance which we mentioned in our newsletter stands at 1300$. Once market close above 1300$, we see full blast upto 1331$- 1370$ soon.
Gold outlook is flat to positive, Even yesterday in our forecast we mentioned we are buyers and we will buy in dips. So do not sell on these levels till 1275$ is intact. We have ECB chairman speech once again after 3 hours from now. Lets see what he has to say. Do not take big positions till then.
Silver outlook
Silver price also suffered last week with unknown reasons. Currently prices are struggling to even sustain above 16.55$. A good resistance on technical chart stands at 16.62$, If traders break and sustain above our resistance. Then expect good recovery in silver price upto 16.82$- 16.99$.
A good support on technical chart stands at 16.25$, If traders break and sustain trade below our support. Then expect more pressure on prices upto 16$- 15.80$.
Silver outlook is flat to weak. Above 16.62$ we should comfortably starts buying.
Euro to Dollar
Euro trading at 1.1630, Its still struggling to overcome from Friday’s crash which dragged this major forex pair till 1.1540 zone. A good resistance on euro to dollar chart stands at 1.1670, If traders break and sustain above our resistance. Then expect good recovery in eurusd upto 1.1700- 1.1740 today.
A good support on euro to dollar chart stands at 1.1590, If traders break and sustain below this level. Then expect another visit of Friday’s low and even more pressure not ruled out.
Euro trend is flat and ECB chairman speech is due as well. Lets wait and watch that first before taking any major trade in euro.
Update: ECB just pulled another stunt to sink euro. Eurusd tested new low of 1.1530 and currently hovering near low. Now support at 1.1480, Below this more panic
Gold also crashed due to this and now approaching support of 1275$, Below this fresh panic.
Dollar index fired taking advantage of weak euro. Major resistance now at 95.05. Above this expect fresh buying upto 95.30- 95.70.
Now you may subscribe any of our service in $99 per month for first month. Click here to choose your package
For more information write us at
or whatsapp us at
+91-9920315014
[…] sunk yesterday after ECB chairman speech. As said in our yesterday’s post below 1.1540 market would capitalize more selling. Eurusd made low below 1.1540 for a blink and […]