Silver forecast
Silver ( xagusd ) price fired after US data from 19.60$ zone till 20$ . Then after fed decided not to cut interest rate it fired even more from 20$ till 20.40$ . Currently prices are flirting with 20.40$ . Fed chairman hinted that there could be a rate hike in september and its a big could . We believe fed is being over cautious on rate hike and there is no better time than today to hike the rate considering all the job reports and other aspects .
A good support on intraday silver chart stands at 20.15$ . If traders break this major support level and manage to sustain trade beneath our support today . Then expect this major commodity to test upto 19.90$ – 19.70$ today .
A good resistance on intraday silver chart stands at 20.61$ . If traders break this major hurdle and manage to sustain trade above our resistance today . Then expect this major commodity to test upto 20.82$ – 21.02$ today .
Silver forecast conclusion : Silver trend is positive for now .
Gold forecast
Gold ( xauusd ) prices fired after US data yesterday from 1318$ till 1335$ . After fed decision on interest rate it extended its gains from 1332$ odd zone till 1342$ . Currently prices are trading at 1339$ . A good resistance on intraday gold chart stands at 1347$ . If traders break this major hurdle and manage to sustain trade above our resistance today . Then expect gold to test upto 1356$ – 1364$ today .
A good support on intraday gold chart stands at 1326$ . If traders break this major support level and manage to sustain trade beneath our support today . Then expect this precious metal to test upto 1320$ – 1313$ today .
Gold forecast conclusion : Gold trend is positive for now .
We have US unemployment claims number today . So stay cautious .
More will update to our trading signal subscribers .