Gold forecast
Yesterday in our gold forecast we updated a major support of 1247$. It broke 1247$ but could not sustain below our major base and bounced back almost immediately from there. Currently xau/usd trading above 1250$ comfortably and sustaining well. Dollar Index cooled off yesterday from 95.20 to 94.60. Currently this is another factor which is giving relief to xauusd prices.
Currently gold is about to complete double bottom on hourly chart and it suggests a buy now with stop loss of below base. Last night xauusd made base at 1245.50$ so below this base should be your stop loss. If market sustain above this base then some short covering and profit booking upto 1260$ not ruled out.
Technical support on chart as suggested stands at 1245.50$, If traders push price below this support and sustain below this. Then expect fresh punch in gold price upto 1240$- 1232$ today.
A good resistance on technical chart stands at 1256$, If traders take this hurdle out and sustain above our resistance. Then expect some recovery upto 1262$- 1269$ today.
Gold forecast conclusion: Even though medium term trend is weak for now but due to double bottom on chart and short covering may push gold rates higher. So do not sell and we suggest to buy in dips with stop loss below our support.
Silver forecast
Silver price ( xagusd ) crashed below 16$ converting medium term positive into negative. But xagusd was quick to bounce back above 16$ and recover from that blow. Currently prices are trading at 16.10$. A good support on technical chart stands at 15.90$, If traders break and sustain below this level. Then expect good pressure upto 15.70$- 15.50$.
A good resistance on technical silver chart stands at 16.28$, This is a good hurdle on chart. Once traders break and sustain above our resistance. Then expect good recovery upto 16.50$- 16.70$.
Silver forecast conclusion: Xagusd trend is flat to positive, Stay away from sell.
Euro forecast
Euro made low 1.1527 yesterday twice and recovered from there. US dollar index helped tremendously in its recovery. Eur/Usd bounced more than 100 bounce on US dollar weakness. Currently euro cruising above 1.1630. A good resistance on euro chart stands at 1.1680, If traders break and sustain above our resistance. Then expect good recovery in this forex pair upto 1.1720- 1.1760 today.
A good support on euro chart stands at 1.1590, If traders break and sustain below our support. Then expect good pressure on this forex pair upto 1.1550- 1.1520.
Euro forecast conclusion: Eurusd trend is flat to positive for now.
More will update to our signals subscribers.