Gold Forecast
Gold open gap up today approx 10$ from its friday closing due to Greece talks failed. Currently its trading at 1184$, Today’s moves would be Greece focused and till this matter is not sorted out everything would be volatile be it gold, crude oil or forex market. So today if gold price click our support of 1175$ and sustain below our technical support today then expect correction upto 1165$ – 1155$
If gold price click our resistance of 1192$ and sustain above this level then expect gold to race upto 1200$ – 1208$ today.
Gold market forecast conclusion: Gold trend is positive for now, avoid major sell for now as dollar index is trading weaker which is pushing prices up.
Silver Forecast
Silver also opened gap up and made high of 16.04$ in first hour of trading and now its cruising at 15.90$. If silver price click our support of 15.70$ and manage to sustain below our technical support today then expect silver to correct upto 15.50$ – 15.20$.
If silver click our resistance of 16.30$ and manage to sustain above our resistance then expect silver to test upto 16.55$ – 16.80$.
Silver market forecast conclusion: Silver trend is positive for now, avoid any major sell trade.
Currently precious metals pack is in positive zone due to Greece fiasco. Greece finally shown some guts and finished this major issue of every quarter. Now we have to see how Europe reacts specially Germany. Angela Merkel ( Germany’s chancellor ) is in no mood to give any other grant to Greece.
Greece is officially shut down, Banks stopped giving cash and stock market is closed due to this event. Now we might see some major events as other European countries might join the gang of defaulters. Italy and Spain is looking to capitalize this and may announce default soon if everything is not sorted out within days.
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