Gold forecast
Comex gold ( xauusd ) price nose dive last night after Fed hiked interest rate second time in the decade . It crashed badly with Dow jones and currently prices are trading pretty low at 1139$ . Buyers are finding it tough to sustain any levels . After fed interest rate hike they are finding it even more pressure from bears . A good support on daily chart stands at 1128$ . If traders take this level out and manage to sustain trade beneath our support today . Then expect gold prices to test even more lower levels upto 1120$ – 1109$ today .
A good resistance on daily chart stands at 1152$ . If traders manage to push prices upto this level and manage to hold above this resistance today . Then expect a breather in gold price upto 1160$ – 1166$ today .
Gold forecast conclusion : Xauusd trend is weak for now .
Silver forecast
Comex silver ( xagusd ) price trading at 16.74$ . It also faced the consequences of fed interest rate hike as traders butchered this commodity as well last night . But it did not crashed like gold which just nose dived and broke all support on lower side . Currently it has a good base level on chart at 16.45$ . If traders break this major level and manage to sustain trade beneath our support today . Then expect silver prices to test upto 16.22$ – 16.01$ today .
A good hurdle on daily chart stands at 17.05$ . If traders break this major hurdle and manage to sustain trade above our resistance today . Then expect silver price to test upto 17.28$ – 17.54$ today .
Silver forecast conclusion : Comex Silver trend is weak for now .
More will update to our trading signal subscribers .