Gold signal
A good day for our comex gold signal subscribers. I asked them to sell xauusd last night. It crashed and my subscribers exited at our target. Here is my xauusd signal which I gave to our subscribers.
Sell Gold at 1399.50$ with stop loss of 1406.50$ for target of 1392$.
My subscribers exited at 1392$ as we cashed more than 70 pips in this trade. We booked around $700 profit per lot in this trade.
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Currently gold price is trading at 1394$. Good support in this precious metal stands at 1388$. If traders break and sustain below 1388$. Then expect good pressure in xauusd till 1380$- 1372$.
Resistance in comex gold chart stands at 1408$. If market break and sustain above 1408$. Then expect good rise in xauusd till 1417$- 1427$.
Conclusion: Currently gold price trend is weak for now. As stated in yesterday’s gold price forecast we have 3 statements from FOMC chairman this week. We will have a volatile session due to those statements. So keep an eye on what Fed chairman says. We also will have our hands on Fed meeting minutes tomorrow. We will have an insight of fed meet held last time.
In last fed meeting press conference chairman used word ” uncertainty ” which caused panic in stock market ( Dow jones index ) and gave a good push to gold prices. Gold fired from 1340$ to test 1410$ within hours of this statement. So keep an eye on fed chairman statement this time too. We might have major volatility before and after his speech.
Currently gold outlook is weak so sell on rise would be a better trade. Avoid buy till xauusd is sustaining below 1408$. We may switch our selling to buying once market break 1408$.
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