Gold forecast
Gold ( xauusd ) price trading at 1215$ . It tested 1208$ zone today and bounced back from there . Major support on gold chart stands at 1207$ . Once traders take this support out and manage to sustain beneath our daily support today . Then expect xauusd to correct upto 1200$ – 1190$ today .
A good resistance on daily gold chart stands at 1225$ . Once traders break this resistance and manage to hold above our daily resistance today . Then expect xauusd to zoom upto 1231$ – 1238$ today .
Gold forecast conclusion : Trend is weak today . Avoid any sell position .
Silver forecast
Silver ( xagusd ) price trading at 15.20$ . A good support on daily silver chart stands at 14.98$ . If traders break this daily support and manage to sustain beneath our trading support . Then expect xagusd to zoom upto 14.75$ – 14.50$ today .
A good resistance on silver chart at 15.50$ . Once traders break this hurdle and manage to sustain trade above our resistance today . Then expect xagusd to zoom upto 15.75$ – 16$ today .
Silver forecast conclusion : Trend is weak today .
More will update to our trading signal subscribers .
We have personal spending data and pending home sales data from US . So stay cautious in US session as these data may give clear picture on this week’s trend on precious metals .