We are changing the pattern of our daily forecast . Instead writing about gold and silver everyday . We will choose between forex , oil or Indices too . Now Gold & silver would not be featuring daily as major levels dont change daily .
Crude oil analysis
Crude oil prices are trading at 48.35$ . Prices extended their recovery since yesterday after our buy initiated at 46.10$ . Today we have US inventory which will decide further fate of this major commodity prices . For now a good resistance on daily chart stands at 50.20$ . This major hurdle would decide another 400-500 pips story in oil . Once traders take this hurdle out and manage to close above this hurdle . Then expect more firepower coming to buyers upto 51.50$ – 53$ today .
A good support on daily chart stands at 46.50$ . If traders take this base out and manage to close below this level . Then expect more strength to sellers upto 45$ – 43$ .
Crude oil trend is positive for now , rest will decide inventory today .
USD/JPY analysis
USD/JPY trading higher today after our buy initiated yesterday . Currently this major forex pair is flirting with 111.92 . A good hurdle on today’s forex chart stands at 112.50 . If trader test this hurdle and manage to sustain trade above this level . Then expect more recovery in usd/jpy upto 112.90 – 113.40 today .
A good support on daily chart stands at 111.40 . If traders take this base out and manage to sustain trade below our support today . Then expect more pressure in this fx pair upto 111 – 110.40 today .
USD/JPY trend is flat for now , we have Fed decision today which will decide the fate of this and other major fx pair connected to US dollar .
Gold Silver will also be waiting for fed meet and after that it will be clear where they are going . So major event would play almost after 11 hours from now .
More will update to our trading signals subscribers .