Gold forecast
Comex Gold ( xauusd ) price trading at 1199$ . It fired from 1188$ till 1199$ yesterday after US Dollar Index crashed. Today it tested 1203$ . A good resistance on daily xauusd chart stands at 1209$ . If trader breaks this major hurdle and manage to sustain trade above our resistance today . Then expect price of gold to test upto 1217$ – 1227$ today .
A good support on daily chart stands at 1189$ . If trader breaks this major base level and manage to sustain trade beneath our support today . Then expect gold price to test upto 1180$ – 1171$ today .
Gold price forecast conclusion : Comex Xauusd trend is positive for now, but avoid buying on these levels. Buy on dips would be better idea.
Silver forecast
Comex Silver ( xagusd ) price trading at 17.18$ . This precious metal is stable and did not participated in rally yesterday. A good base level on daily chart stands at 16.90$ . If trader breaks this major base level and manage to sustain trade beneath our support today . Then expect price of silver to test upto 16.70$ – 16.50$ today .
A good hurdle on daily chart stands at 17.35$ . If trader breaks this major hurdle and manage to sustain trade above our resistance today . Then expect silver price to test upto 17.56$ – 17.77$ today .
Silver forecast conclusion : Comex Xagusd trend is positive for now. Buy on dips would be better idea, Wait for market to dip near 17.05$ or 17$. We have good base at 16.90$, 2-3 cents below this would be better stop loss to hold buy in market for 17.30$ or 17.50$.
Conclusion
Today we have Bank of Japan press conference , Japan did not changed interest rate today in monetary policy but we need to see how dovish or hawkish BOJ’s Governor’s tone. We have ECB president Draghi speech as well, He will be speaking about ECB stance on European economy which will effect on Euro and Dollar Index too. So stay cautious and trade with strict stop loss.
More will update to our trading signals subscribers .
This post has been edited at August 03rd, 2018.