Gold trend
Gold price tested another low yesterday at 1270$. Precious metals pack seen another fall when ECB president Mario Draghi decided to pull another rabbit from his hat. He said he might go even softer on interest rate after summer 2019. This put extreme pressure in euro as it sink badly and gave good strength to dollar index. Dollar strength resulted in pressure on gold prices and it tested 1270$ yesterday.
Currently prices are trying to stabilize once again at 1274$, Yesterday we had ECB chairman today we have Fed chairman speaking it in evening. Bizarre speeches after ECB president we will be watching cautiously what chairman Powell says in evening.
A good support on gold technical chart stands at 1267$, If traders break and sustain below this level. Then expect more pressure in gold price upto 1261$- 1255$ today.
A good resistance on gold chart stands at 1284$, If traders break and sustain above 1284$. Then expect good recovery in gold price upto 1291$- 1299$.
Gold trend today is flat to weak for now but due to central bank governors speeches everyday all predictions and analysis are going wrong. So lets wait and hear Draghi and Powell today first then take a big trade. Yes we have ECB chairman speech too.
Silver trend
Silver price crashed further following lead from xauusd. It tested 16.25$ zone and now trying to settle above 16.30$. A good support on silver chart stands at 16.20$, If traders break and sustain below this. Then expect more pressure upto 16$- 15.80$.
A good resistance on silver chart stands at 16.55$, If traders manage to pull this resistance and sustain above our resistance. Then expect good recovery upto 16.80$- 17$ very soon.
Silver trend today is flat to weak. Avoid big trades till evening. Lets wait for Fed and Ecb chairman speech first.
Euro trend
Euro sunk yesterday after ECB chairman speech. As said in our yesterday’s post below 1.1540 market would capitalize more selling. Eurusd made low below 1.1540 for a blink and recovered smartly from there. Today again same level. Support on euro stands at 1.1540, trade and sustain below this may result in fresh selling round upto 1.1500- 1.1470.
A good resistance on euro chart stands at 1.1620, Once eurusd break and trade above this level. Then expect mild recovery upto 1.1660- 1.1700 today.
Euro trend is flat for now. Wait for sometime to initiate any buy position.
Trade with extreme caution and use strict stop loss in every position.
More will update to our signals subscribers.