Gold analysis 01st week august 2017

By | July 30, 2017

Weekly Gold analysis

Last week gold ( xauusd ) prices fired after fed decided not to hike interest rate . Market fired with full guns and this precious metal closed at highest level of the week at 1269$ . This week we have even more important data of Non farm payroll . We always rate non farm payroll above fed event due to its significance on market . Now coming on technical , we have good resistance on weekly chart at 1292$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect more firepower in this commodity prices upto 1320$ – 1350$ .

A good support on weekly chart stands at 1240$ . If traders take this base out and manage to close below our support this week . Then expect some weakness in this precious metal upto 1210$ – 1180$ .

Weekly gold analysis conclusion : Technically xauusd is looking positive but major data will decide the fate of this metal this week .

Weekly Silver analysis

Comex Silver ( xagusd ) prices gave some spikes last week due after fed meeting but it did not jumped like xauusd and remained in pressure . It managed to closed near 16.70$ . A good base level on weekly chart stands at 16.20$ . If traders take this base out and manage to close below our support . Then expect more pressure in this major commodity upto 15.70$ – 15.30$ .

A good hurdle on weekly chart stands at 17.05$ . If traders take this hurdle out and manage to close above our resistance this week . Then expect more breather for this precious metal upto 17.45$ – 17.90$ .

Weekly silver analysis conclusion : This precious metal is looking positive on chart but it did not fired that much last week . Stay cautious .

We have major data this week like Non farm payroll and US manufacturing . We have UK monetary policy as well . So stay cautious .

More will update in daily analysis .