Gold analysis 02nd week December 2017

By | December 10, 2017

Gold analysis

Comex gold price crashed badly on good dollar strength and good equity markets . It tested 1243$ and closed below 1250$ signaling pretty weak . This week we have major event of FOMC announcement on interest rate . A good support on weekly chart stands at 1220$ , if traders cut through this base and manage to close below our support . Then expect more pressure in this precious metal upto 1190$ – 1160$ .

A good resistance on weekly technical chart stands at 1286$ , if traders breaks this major hurdle and manage to close above our resistance . Then expect good firepower in this major commodity upto 1308$ – 1340$ this week .

Gold analysis conclusion : Comex xauusd trend is weak .

Silver analysis

Comex silver price took major beating last week and broke 16$ as it made low near 15.65$ . Pressure came due to good dollar strength and good stock markets . A good base on weekly chart stands at 15.20$ , if traders breaks this major support and manage to close below our support . Then expect good pressure upto 14.70$ – 14.20$ .

A good hurdle on weekly chart stands at 16.30$ , if traders breaks this major hurdle and manage to close above our resistance this week . Then expect good firepower upto 16.80$ – 17.30$ .

Silver analysis conclusion : Comex xagusd trend is weak .

This week we have UK and US monetary policy which will decide the fate of precious metals .

More will update in daily analysis .