Gold trend analysis
Gold price zoomed to test our major hurdle of 1309$ but it could not sustain on higher levels. Luckily our intraday target was 1309$ only and our subscribers exited at our target. We fetched $800 profit on standard lot yesterday in our buy trade signal.
USD Index fired due to crash in euro . Eurusd crashed on ECB chairman statement, Unexpectedly he announced ECB is looking to phase out bond by end of the year. He also stated that ECB will keep Interest rate on record low for at least mid 2019.
USD index made low of 92.80 and fired back with full guns on ECB chairman Draghi remarks, Currently its trading at 94.60, Highest since November 2017. Despite this high rise in dollar xauusd is standing firm and sustaining above 1300$. Even yesterday we mentioned in our gold prediction report that we are not sellers in gold. It stayed like rock while usd index is firing with full guns. This suggest solid faith of investor in gold.
A good support on gold technical chart stands at 1292$, If traders break and sustain below this level. Then expect good pressure in gold prices upto 1285$- 1281$ today.
A good resistance on xauusd chart stands at 1309$, This resistance need to break and sustain with volumes. Once this condition is filled and we make one candle above 1309$ then we are good to go upto 1317$- 1326$ today.
Gold price trend analysis conclusion: Xauusd trend is positive, Avoid any major selling as instructed in earlier gold forecasts as well.
Euro forecast
Euro to dollar crashed as ECB chairman Mario Draghi stated he wont be expecting any rate hike for at least mid 2019. Purchasing of bond buying till this year also gave a shock to euro and crashed it very hard. Currently its trading at 1.1580, lowest level since November 08th 2017.
A good support on euro chart stands at 1.1530, If traders break and manage to sustain below our support. Then expect more panic in euro to dollar upto 1.1500- 1.1470.
A good resistance on euro chart stands at 1.1650, If traders break and sustain above our resistance. Then expect some mild recovery in eurusd upto 1.1700- 1.1740.
Euro to dollar forecast conclusion: Eurusd trend is weak, Avoid any buy trade for now.
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