Gold price forecast
Comex Gold price firing with full guns and now cruising at 1340$ , Xau/Usd trading higher as Dow Jones crashed nearly 1100 points since yesterday and dollar index trading at 89.11 . A good support on Xauusd chart stands at 1331$ , If traders tank this base and manage to sustain trade below our support . Then expect good pressure in gold price upto 1324$ – 1317$ today .
A good resistance on Xauusd chart stands at 1348$ , If traders break this major hurdle and manage to sustain trade above our resistance . Then expect good firepower in gold price upto 1356$ – 1364$ .
Gold price forecast conclusion : Gold price trend is positive for today .
Silver support at 16.20$ , resistance at 16.75$ . Trend positive .
Forex analysis
Eur/Usd trading at 1.2336 , A good base on this major forex pair stands at 1.2290 . If traders tank this base and manage to sustain trade below our support . Then expect good pressure in euro upto 1.2260 – 1.2210 today .
A good hurdle on this major forex pair stands at 1.2370 , If traders break this barrier and manage to sustain trade above our resistance . Then expect good firepower in gold upto 1.2400 – 1.2440 today .
Euro trend is flat to positive for now .
Usd/Jpy finally broke 105.50 and tanked badly last night . Currently this fx pair trading at 104.75 . A good base on this major fx pair stands at 104.30 , If traders tank this base and manage to sustain trade below our support . Then expect good pressure in usdjpy upto 104 – 103.60 today .
A good hurdle on Usdjpy stands at 105.02 , If traders take this hurdle out and manage to sustain trade above our resistance . Then expect good firepower in usdjpy upto 105.50 – 105.90 .
Usdjpy trend is weak for now .
Dollar index is trading weak but small recovery in dollar not ruled out so stay cautious .
More will update to our signals subscribers .