Gold analysis 02nd week 2018

By | January 7, 2018

Weekly Gold analysis

Comex gold ( xauusd ) price tested near 1330$ and closed at 1319$ . It gained nearly 80$ from its lowest point of 1238$ which it made in December . Last week Non farm payroll data tanked worse than expected which gave a good push to gold prices and raised hope for more upside in this precious metal .

A good support on weekly chart stands at 1287$ , if traders take this base out and manage to close below our support , then expect good pressure in this major commodity upto 1255$ – 1220$ .

A good resistance on weekly chart stands at 1357$ , if traders take this hurdle out and manage to close above our resistance , then expect good firepower upto 1399$ – 1423$ this week .

Gold analysis weekly conclusion : Gold trend is positive for upcoming week , stay cautious on higher levels as profit booking may occur .

Weekly Silver analysis

Comex silver ( xagusd ) price tested 17.30$ last week and settled at 17.19$ . A good base on weekly chart stands at 16.70$ , if traders take this base out and manage to close below our support , then expect good pressure on this major precious metal upto 16.30$ – 15.80$ . US unemployment rate remain flat at 4.1% and manufacturing data came weak .

A good hurdle on weekly chart stands at 17.62$ , if traders take this hurdle out and manage to close above our resistance , then expect good firepower in this precious metal upto 18.05$ – 18.50$ .

Silver weekly analysis conclusion : Silver trend is positive for upcoming week .

More will update in daily forecast .