Gold forecast
Gold price tested 1365$ last night following weak dollar but then Fed meeting minutes released and it crashed and lost most of its gains. Gold price crashed from 1365$ to 1348$ within hours as meeting minutes concluded most of members are confident that economy will continue to be stronger and rate hike may be smoother.
Currently gold prices are sailing at 1351$, A good support on xau/usd chart stands at 1344$, If traders break this major base and manage to sustain trade below our support. Then expect more pressure in gold price upto 1337$- 1330$ today.
A good resistance on xau/usd chart stands at 1366$, Once this hurdle is out and traders manage to sustain trade above our resistance. Then expect more firepower in gold price upto 1374$- 1383$.
Gold price forecast conclusion: Comex gold trend is positive for now. Buy on dips is better trade.
Forex forecast
Eur/Usd trading at 1.2364, It tried to break 1.2400 yesterday but could not succeed as dollar index reversed after Fed minutes. A good support on this forex chart stands at 1.2330, If traders break this major base and manage to sustain trade below our support. Then expect more pressure in euro upto 1.2290- 1.2250 today.
A good hurdle on this major forex pair stands at 1.2400, If traders breaks this major hurdle and manage to sustain trade above our resistance. Then expect good firepower in euro upto 1.2440- 1.2480 today.
Euro trend is flat to positive for now.
Usd/Jpy trading cracked yesterday as it tested near 106.60. Currently its sailing at 106.90. A good base on this major forex pair stands at 106.50, If traders tank this base and manage to sustain trade below our support. Then expect more pressure in usd/jpy upto 106.10- 105.50 today.
A good hurdle on this major forex pair stands at 107.20, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect more firepower in usd/jpy upto 107.70 – 108.
Usd/Jpy trend is flat to weak for now.
More will update to our signals subscribers.