Gold price forecast
Gold price trading flat since yesterday . Yesterday despite major US data it did’nt move anywhere . Currently prices are trading at 1070$ . Today we have major data from US . GDP numbers of third quarter and CB Consumer confidence . Both data will decide the fate of this precious metal .
Today gold chart suggests a support at 1062$ . If price manage to break this intraday support today and sustain below this level then expect bears to take charge in market again upto 1053$ – 1044$ .
Gold chart shows a technical resistance at 1078$ . If price manage to break this intraday resistance today and sustain above this hurdle level then expect buyers to have some respite upto 1084$ – 1091$ today .
Gold price forecast conclusion : Trend is flat for now but it already taken some serious beating since 2 weeks . Some short covering not ruled out .
Silver price forecast
Currently silver prices trading at 14.12$ . Silver chart suggest a good support at 13.85$ . If price break this intraday support and sustain below our base support today then expect sellers to take charge again upto 13.60$ – 13.30$ .
Silver chart suggests a good resistance at 14.30$ . If market break this resistance and manage to sustain above our intraday resistance today then expect buyers to get some relief upto 14.55$ – 14.80$ .
Silver price forecast conclusion : Trend is flat for now but some short covering in market not ruled out .
More will update to our trading signals subscribers .