Gold price opened lower today after giving a good close above 1300$. Currently prices are struggling at 1296$ almost near lowest level of the day of 1295.30$. A good support on gold chart stands at 1287$, If traders take this base out and manage to sustain trade below our support. Then expect good pressure in gold price upto 1281$- 1275$ today.
A good resistance on gold chart stands at 1308$, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect good rise in gold price upto 1317$- 1325$.
Gold forecast conclusion: Gold forecast is flat to weak for today, Avoid major buy for now. US enjoying bank holiday in observance of Memorial day. UK banks will be closed in observance of Springs bank holiday. Two major markets have bank holiday, It doesn’t mean market wont trade but volume may be thin today. Stay cautious and trade with caution.
We have big week ahead as Non farm Employment change and Unemployment rate will be releasing in upcoming days. Take trade with strict stoploss and trade in small position.
Crude oil forecast
Crude oil price crashed further as it tested below 66$. Currently prices are trading at 66.70$. A good support on oil chart stands at 64.70$, If traders take this base out and manage to sustain trade below our support. Then expect good pressure in crude oil price upto 63.50$ – 62$ today.
A good resistance on oil chart stands at 68.20$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good recovery in oil prices upto 69.50$- 70.70$ today.
Crude oil forecast conclusion: Crude oil forecast is weak for today, Avoid major buying in this major commodity.
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