Last week Gold ( xauusd ) prices turned the tables for sellers . Trend reversed from negative to positive , thanks to US aggression towards North Korea . Whole market sentiment changed overnight and market fired with full guns . It closed near 1290$ suggesting more steam for next week . We have china’s industrial production tomorrow , this could be crucial if there is any big surprise . However on technical chart , a good support stands now at 1262$ . If traders take this base out and manage to close below our support this week . Then expect more pressure in xauusd prices upto 1240$ – 1208$ .
A good resistance on weekly chart stands at 1308$ . If traders take this hurdle out and manage to close above our resistance . Then expect more firepower in gold prices upto 1330$ – 1355$ .
Gold analysis conclusion : All eyes are on US strategy to tackle North Korea’s response , that will decide the fate of precious metals . Technically its looking positive .
Last week Silver ( xagusd ) prices fired more than 100 pips due to global tensions . It tested 17.25$ and showed some retrace last day of trading . A good base level on weekly chart stands at 16.50$ . If traders take this dip and manage to close below this major support , then expect good crash in this major commodity upto 16$ – 15.50$ .
A good hurdle on weekly chart stands at 17.45$ . If traders take this hurdle out and and manage to close above our resistance . Then expect more firepower in this commodity prices upto 17.90$ – 18.40$ .
Silver analysis conclusion : Comex xagusd trend is positive .
More will update in daily forecast .