Weekly Gold analysis
Comex gold price tested 1362$ last week following dollar weakness and then gave a 18$ crash in same day , Xauusd finally closed at 1347$ . This week china will remain close due to new lunar year so one major market wont be participating this week . A good support on weekly xauusd chart stands at 1324$ , if traders take this base out and manage to close below our weekly support . Then expect more pressure in gold price upto 1301$ – 1276$ .
A good hurdle on xauusd weekly chart stands at 1376$ , if traders take this hurdle out and manage to close above our resistance , then expect more firepower in gold prices upto 1399$ – 1425$ .
Gold analysis conclusion : This week gold trend is positive , watch daily forecast for intraday trading levels .
Silver support at 16.45$ , resistance 17.15$ . Trend is positive .
Wall Street analysis
Dow Jones gained approx 600 points last week as it gave a very good close above 25200 . A good base on DJIA chart stands at 24700 , if traders tank this base and manage to close below our support , then expect wall street to test upto 24300 – 24000 .
A good hurdle on dow jones chart stands at 25550 , if traders take this hurdle out and manage to close above our resistance , then expect wall street to test upto 25800 – 26000 again .
Dow Jones analysis conclusion : DJIA trend is positive for upcoming week .
Bitcoin ( BTC ) tested above 10000$ last week but gave a close below 10000$ . A good base on this major cryptocurrency stands at 8700$ , if traders take this base out and manage to sustain trade below our support , then expect more pressure in bitcoin upto 8300$ – 8000$ . Below 7800$ major pressure upto 7000$ not ruled out .
A good hurdle on BTC stands at 10930$ , if traders breaks this major hurdle and manage to sustain trade above our resistance , then expect more firepower in Bitcoin upto 11500$ – 12000$ .
Bitcoin trend is positive for now .
Read our last week’s analysis here
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