Gold outlook
Gold ( xau/usd ) prices trading pretty lower from yesterday , in yesterday’s forecast we mentioned it would fire but it did not obyed that and reversed our yesterday’s gold forecast and eaten our gold signal stoploss which were running buy from 1178$ . So now a good support today at 1155$ once gold breaks our technical support and sustain below this then expect market to correct upto 1144$ – 1132$ today .
Today US has plenty to offer as well as UK . from UK we have Core retail sales and Retail sales data after 2 hours from now . And US have Initial jobless claims and Existing home sales figures . All data are pretty important and they may mold gold in their way if data does not come flat . Good resistance in comex gold prices at 1178$ once market break this and sustain above our daily gold resistance then expect market to test upto 1184$ – 1192$ today .
Gold outlook conclusion : Gold trend is weak for now
Silver outlook
Silver ( xag/usd ) prices trading at 15.75$ today . A good resistance in silver at 15.92$ once market break this and sustain above our technical resistance then expect market to test upto 16.11$ – 16.35$ today .
If comex silver prices click our technical support at 15.40$ and sustain below our today’s silver support then expect market to correct upto 15.20$ – 15$ today .
Silver outlook conclusion : Silver trend is weak for now
Gold Silver commentary
Gold silver both are in danger zone for now . So do not over trade in gold silver till market stablize . And too many data today so its a cautious sign as well . Gold silver may go south once data comes so strict stoploss would be a good idea while trading in both metals . In last 2-3 weeks gold silver has come a long way from 1080$ to 1191$ and 14.50$ to 16$ . Both had a good run so its time to take caution on both metals trading . Stay with strict stoploss .