Silver analysis
Comex silver price made low 16.31$ near major support of 16.25$ and bounced back from there. Currently prices are cruising at 16.44$. Fed minutes indicated it wont be increasing rate as per rumors which suggested more aggressive fed this year. Fed minutes cleared it wont hike any interest rate with aggression. It even cleared the way for next year that it will remain on course to rate hike in 2019 as well.
Fed minutes gave a push to precious metals and both metals bounced after minutes and now sustaining well on higher levels, indicating a rally. Will update on this in our upcoming newsletter. Sign up for free here to get it.
A good support on silver chart stands at 16.25$, If traders break this major support and manage to sustain trade below our support. Then expect more pressure in silver price upto 16.02$- 15.80$ today.
A good resistance on silver chart stands at 16.62$, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good upside in silver upto 16.84$- 17.05$ today.
Silver analysis conclusion: Silver trend is flat to positive for now. Avoid any sell till our major support stays intact.
Bitcoin analysis
Bitcoin ( BTC/USD ) price trading at 7620$, Bitcoin price trading weak continuously after it made high 8800$ last week. Its testing new lows and today it made low below 7500$ signaling more weakness in bitcoin price. A good support on bitcoin technical chart stands at 7400$, If traders break this major support and manage to sustain trade below our support. Then expect more pressure in bitcoin price upto 7200$- 7000$ today.
A good hurdle on bitcoin chart stands at 7860$, If traders break this major resistance and manage to sustain trade above our resistance. Then expect some recovery in bitcoin upto 7980$- 8080$ today.
Bitcoin analysis conclusion: Bitcoin price trend is flat for now, Follow levels to trade. We will advice to take a buy near our support with stoploss below our support for 80-100$ target.
Gold forecast today updated here
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