Gold analysis
Comex gold ( xauusd ) price trading at 1267$ , yesterday it broker main support of 1270$ and now sustaining below 1270$ . A good support on daily chart stands 1260$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 1252$ – 1245$ .
A good resistance on daily chart stands at 1278$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect good recovery in this precious metal upto 1284$ – 1290$ .
Technical analysis gold conclusion : Gold trend is weak for now , we have advance quarterly GDP numbers from US today . So stay cautious and tread slowly .
Silver analysis
Comex silver ( xagusd ) price trading at 16.74$ , last night it broke major support of 16.75$ , today trading below 16.75$ . A good base level on daily chart stands at 16.50$ , if traders take this base out and manage to sustain trade below our support today . Then expect more pressure on this major commodity upto 16.30$ – 16.05$ today .
A good hurdle on daily chart stands at 17.05$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in this precious metal upto 17.30$ – 17.55$ .
Technical analysis silver conclusion : Silver trend is weak for now , avoid any major buy before US data today .
Today’s major data can be seen here
Yesterday’s technical levels can be seen here
More will update to our trading signals subscribers .