Gold forecast
Gold price opened lower again following good global equity markets and strong US dollar yesterday. But later recovered with good volumes and tested 1300.80$ but could not hold on higher levels. Yellow metal gave a good slide from 1300$+ level and now flirting with 1296$.
Gold price came under pressure when China offer to boost US good purchase by $25 billion. This could be answer of China to please Trump as he is advocating fair trade between US and China which is obviously more than $25 billion. But it could soften Trump and ease some tensions between two economic power houses.
Gold prices came under pressure due to Dow Jones upside. Dow Jones Index recovered almost 130 points in last hour. Equities markets putting pressure again in yellow metal prices.
A good support on gold chart stands at 1287$, trade and sustain below this level may result in 1281$- 1275$ today.
A good resistance on technical chart stands at 1302$, trade and sustain below this may result in 1309$- 1317$.
Gold forecast conclusion: Prices are trading in a small range since Monday. Better trade with technical levels as trend is not clear for now. We would recommend a small buy in dips with stop loss below our support. Market should test 1300$ range once again and this time we are expecting it could break our resistance too.
Silver forecast
Silver price tested again at 16.55$ and rolled back till 16.48$. As mentioned in our yesterday’s forecast a good resistance stands at 16.62$. If traders break and sustain above this then expect good rise in silver price upto 16.84$- 17.05$.
A good support on silver chart stands at 16.20$, If traders break and sustain below this level then expect some pressure in silver price upto 16$- 15.80$.
Silver forecast conclusion: Silver trend is flat to positive for now. Avoid selling this major commodity. Buy in dips is good strategy in silver.
More will update to our signals subscribers.