Gold price forecast
Gold price forecast is heavily dependent on Fed event and other data . Gold prices trading flat since yesterday at 1065$ . It tested 1058$ yesterday and recovered from there . Today its judgement day for market as major data and Fed event would give glimpse of future . More on this later on post . Gold chart has a good support for today trading session at 1055$ . If market break this and sustain below our intraday chart support then expect market to favor sellers upto 1047$ – 1040$ today .
Gold chart has a good resistance for today’s trading session at 1073$ . If market manage to break this and sustain above this intraday hurdle then expect buyers to test upto 1081$ – 1090$ levels today .
Today we have major data which would be crucial for our gold price forecast . Here are the list .
Most important is FED event . Interest rate should get a 0.25% hike today which market already discounted . In our last gold price forecast we already discussed this Fed event . If Fed chairman give deeper or lighter cut then it could be a concern . After interest rate chairman Yellen will testify and thats is very important since her speech would give guidance when we could see next hike in interest rate .
We have US Building permits data in evening .
US Industrial production .
US Manufacturing production and Crude oil inventories .
Generally crude oil inventories does not effect gold prices but since crude oil tested 35$ level and it could hamper the metals run . It should be a concern if inventories are bigger than expected .
Gold price forecast conclusion : Gold price forecast is simple today , No major trend so just follow technical levels and trade minimum qty today .
Silver trading outlook
Silver prices trading pretty better compare to gold at 13.80$ . Silver chart suggests an intraday support at 13.60$ . If market break this support and manage to sustain below this level then expect more pressure in xagusd upto 13.30$ – 13.04$ today .
Silver chart has an intraday resistance at 14.05$ .If market break this hurdle and sustain above our technical resistance today then expect some breather for buyers upto 14.31$ – 14.50$ today .
Silver trading outlook conclusion : Trend is flat for now . Follow technical levels .
More will update to our trading signal subscribers .