Gold forecast
Gold ( xauusd ) price fired yesterday and tested 1263$ . A powerful high and a nightmare for sellers . Currently its trading 25$ down from its peak at 1238$ . A good support on intraday gold chart at 1228$ . If somehow traders manage to break this level and sustain trading beneath this support . Then expect xauusd to show some consolidation upto 1218$ – 1209$ today .
A good resistance on daily gold chart at 1251$ . If traders manage to break this hurdle again and sustain trading above our resistance today . Then expect market to reward buyers again upto 1264$ – 1278$ today .
Gold forecast conclusion : Trend is positive for now . Avoid any sell without stoploss .
Silver forecast
Silver ( xagusd ) price trading at 15.67$ . Interestingly even yesterday xagusd underperformed gold and it could not fire like its peer . A good support on daily silver chart at 15.30$ . If traders manage to break this support and sustain trading below our support . Then expect market to correct upto 15.05$ – 14.80$ today .
A good resistance on daily silver chart at 16$ . If traders manage to break this hurdle and sustain above our resistance todsy . Then expect market to reward buyers upto 16.25$ – 16.51$ today .
Silver forecast conclusion : Trend is positive for now .
Today we have 2 major data from US . Consumer sentiment and Retail prices . So stay cautious and dont trade big qty .
More will update to our trading signal subscribers .