Gold forecast
Comex Gold ( xauusd ) price trading at 1251$ . Its trading in a small range since yesterday . A good base on technical chart stands at 1242$ . If traders breaks this major base and manage to sustain trade beneath our support today . Then expect gold prices to move in favor of sellers upto 1235$ – 1226$ today .
A good resistance on today’s technical chart stands at 1262$ . If traders breaks this major hurdle and continue to trade above our resistance . Then expect gold prices to favor buyers today and it can test upto 1270$ – 1277$ today .
Gold forecast conclusion : Comex xauusd trend is flat to weak for now . Avoid major buying as precious metals are in bears zone.
Silver forecast
Comex Silver ( xagusd ) price trading at 18.15$ . Its trading in positive zone despite xauusd trading with lower pressure . A good base on technical chart stands at 17.90$ . If traders breaks this major base and continue to trade beneath this level . Then expect bears to have upper hands upto 17.70$ – 17.50$ today .
A good hurdle on technical chart stands at 18.35$ . If traders break this hurdle and continues trade above our resistance today . Then expect silver prices to fire upto 18.55$ – 18.77$ today .
Silver forecast conclusion : Comex silver trend is flat for now . Market trend is flat for now but overall precious metals are looking weak. I would advice to avoid buy and prefer sell on rise approach.
We have GDP data from US today with Unemployment claims . Stay cautious .
More will update to our trading signals subscribers .