Gold forecast
Comex Gold ( xauusd ) price trading at 1232$ . Last night it crashed badly and tested near 1230$ . We enjoyed this crash as we had a sell position in intraday trades . Today its looking even weaker . A good base level on daily chart stands at 1224$ . If traders breaks this major base level and manage to sustain trade beneath our support today . Then expect gold price to tank further upto 1217$ – 1208$ today .
A good resistance on daily chart stands at 1242$ . If traders breaks this major hurdle and manage to sustain trade above our resistance today . Then expect some breather to buyers upto 1251$ – 1260$ today .
Gold forecast conclusion : Comex gold trend is weak for now .
Silver forecast
Comex Silver ( xagusd ) price trading at 17,75$ . Last night it witnessed a massive crash and we enjoyed completely as we were having sell positions . A good base level on daily chart stands at 17.50$ . If traders breaks this major base and manage to sustain trade beneath our support today . Then expect more power to bears upto 17.20$ – 17$ today .
A good hurdle on daily chart stands at 18.05$ . If traders breaks this major hurdle and manage to sustain trade above our resistance today . Then expect some breather to silver buyers upto 18.20$ – 18.45$ today .
Silver forecast conclusion : Comex silver trend is weak for now .
We have US manufacturing data and Fed chairman speech today . Stay cautious .
More will update to our trading signals subscribers .