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Gold price forecast today May 16, 2018

mohdarafat.com 2018-05-16 12:26:29

Gold price forecast

Comex gold price trading at 1294$, Yesterday gold broke 1300$ and even crashed below 1290$ sending all buyers in shock as it came as a surprise move since there was no major news to support this kind of crash except firing dollar index and good china numbers.

A good support on today’s gold chart stands at 1288$, If traders take this base out and manage to sustain trade below our support. Then expect more pressure in gold price upto 1281$- 1275$ today.

A good hurdle on gold chart stands at 1302$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect some recovery in gold price upto 1310$- 1317$.

Gold price forecast today conclusion: Today gold price forecast is weak, avoid major buy till market does not break our resistance. Stay clear from any buy positions for now.

Dow Jones Index forecast

Dow Jones Index trading at 24670, It crashed yesterday as we suggested in our gold price forecast post yesterday, our subscribers enjoyed more than 2000$ profit per lot in this trade. Here is our signal details. Currently Dow Index trading flat as market has tumbled approx 300 points since yesterday. A good support on Dow Index chart stands at 24500, If traders break DJIA support and manage to sustain trade below our support. Then expect more pressure in DJIA upto 24300- 24100 today.

A good resistance on Dow Jones Index chart stands at 24920, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good recovery in Dow Jones Index upto 25050- 25190 today.

Dow Jones Index forecast conclusion: Dow Jones Index trend is weak for now. Avoid any major buy in Wall Street Index.

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