Silver price tested 16.60$ yesterday which was our buy signal’s target. We mentioned a resistance at 16.62$ in our yesterday’s silver forecast. It could not break our resistance and fall back till 16.40$. Currently silver price trading at 16.42$.
Yesterday US slapped tariffs on steel and aluminum from Canada, Mexico and some of European countries. US seems to have started trade war 2 after messing it with China. European union already hit back and imposed tariffs on Harley Davidson bikes and Bourbon. Even Canadian prime minister which was pro Trump hit back and said “US shows no common sense”. Canada sells more aluminium and steel to US than anyone else.
Canada hit back and slapped tariffs on almost everything from Bikes to Whiskey and even Orange juice. We will see more when President Trump meet Canadian PM next week in G7 meet.
Technical chart suggests a good resistance again on silver at 16.62$, Trade and sustain above this will result in 16.84$- 17.05$ today.
A good support on silver technical chart stands at 16.20$, Trade and sustain below this level will result in 16$- 15.80$ today.
Silver forecast conclusion: Silver trend is flat to positive for now but we would advice to wait for major US data due today.
Crude oil analysis
Crude oil price trading at 67$, prices soften since yesterday. A good support on technical crude oil chart stands at 66$, If traders tank this base and sustain trade below our support. Then expect good pressure in crude oil price upto 65$- 64$ today.
A good resistance on technical crude oil chart stands at 68.50$, If traders break and sustain above this level. Then expect good recovery in oil prices upto 69.60$- 70.80$ today.
Crude oil analysis conclusion: Crude oil price trend is flat to positive for now. Avoid major sell trade for now. Use proper stoploss in every trade. Market may go crazy near US major data today.
Read our gold forecast too
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