Gold forecast
Gold price opened slightly higher from 1291$ to 1293$ and then tested 1298$ in evening session. Prices could not sustain on higher levels despite weaker than expected US factory orders data from US. President Trump again tweeted that he is not going to tolerate any unfair trade be it with China or Canada.
Market did take it seriously after all its commander in chief. Dollar Index recovered from 93.20 to 93.60. Currently Dollar basket trading at 93.59 only almost at highest point of the day.
A good support on technical gold technical chart stands at 1287$, trade and sustain below this may open door for 1281$- 1274$ today.
A good resistance on technical gold technical chart stands at 1302$, trade and sustain above this may open door for 1308$- 1317$ today.
We have UK’s services PMI and ISM Non manufacturing data from US, Keep an eye on both data as it would be crucial to see what numbers are.
Gold forecast conclusion: Even though no major movement since market opened on Monday. Minor flat to weak bias is gripping gold prices. So stay cautious and take very precise call if you are in buy side. Do not forget to use stoploss in every position. ( Disclaimer: We have ongoing position gold as our signal initiated in morning)
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Silver outlook
Silver price opened higher from 16.39$ to 16.43$ and sustaining pretty well till evening. It tested 16.55$ near our major resistance of 16.62$ as mention in last week’s forecast as well. It could not break our hurdle and rolled back pretty bad giving a low near 16.38$.
A good support on silver technical chart stands at 16.20$, trade and sustain below this may result in panic in silver and price may test upto 16$- 15.80$.
A good resistance on silver technical chart stands at 16.62$, trade and sustain above this would be a breather for buyers to tighten grip and prices may boost upto 17$- 17.20$ within hours.
Silver outlook conclusion: Silver trend is flat for now, watch technical levels and take accordingly. We are holding position in silver as our signal initiated in morning.
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