Gold forecast
Gold price hammered yesterday again and tested new lows. It broke 1270$ with ease and tested 1263$, It broke our support which we mentioned yesterday in our forecast. Currently prices are struggling at 1265$. All gold predictions took U turn due to dollar strength. DXY tested 95 once again and it seems we are gonna break above 95.05 which is major hurdle in dollar.
US equities also contributed in gold weakness, Nasdaq closed on lifetime high following weak euro and strong US dollar. Dow Jones were under pressure facing some weakness due to recent tension between US and China.
US and China tensions deepened today as China warned again if President Trump latest threat materialize they will hit back and wont hesitate to retaliate. Now India has joined this mad war and imposed duties on US goods. I am sure we will see some reactions from Trump on this very soon.
A good support on gold chart stands at 1262$, If traders break this and manage to sustain below 1262$. Then expect good pressure in gold price upto 1255$- 1250$ very soon.
A good resistance now stands at 1276$, If traders break this and sustain above our resistance. Then expect some recovery in gold price upto 1282$- 1289$.
Gold forecast conclusion: Gold trend today is weak, Avoid major buy and wait market to stabilize.
Silver forecast
Silver price could not keep up yesterday despite getting good push. Currently prices are trying to settle at 16.20$. A good support on technical chart stands at 16.10$. If traders break this support and manage below this. Then expect pressure upto 16$- 15.80$.
A good resistance on silver chart stands at 16.55$, Silver price need to break this major hurdle to resume its positive trend. Once price break this and sustain above our resistance. Then expect good recovery in silver price upto 16.80$- 17$ soon.
Silver forecast conclusion: Silver trend is flat to weak for now.
Euro forecast
Eurusd trading at 1.1545, It came under pressure due to dollar strength and concern over ECB’s unpredictable policy. A good support on euro chart stands at 1.1530, This is low made by eurusd this week. Once traders take this out and manage to sustain below this. Then brace for impact upto 1.1500- 1.1470 today.
A good resistance on euro chart stands at 1.1585, If traders manage to pull this hurdle up and sustain above our resistance. Then expect good recovery upto 1.1620- 1.1650.
Euro forecast conclusion: Euro trend is weak for now.
Major world indices updates:
India’s Nifty trading at 10750 ( -0.20% )
Dow Jones trading at 24690 ( +0.11% )
Shanghai composite trading at 2890 ( -0.85% )
More will update to our trading signals subscribers.