Weekly Gold analysis
Comex gold price crashed badly and made new lows but it recovered smartly after fed hiked interest rate by 25 bps . It recovered almost 25$ from its lowest point of the week and closed nearly at highest point of the week at 1255$ . This week we have US quarterly GDP numbers which will further give on gold prices for year’s closing .
A good base on weekly technical chart stands at 1230$ , if traders cut through this base and manage to close below our support . Then expect more pressure on gold price upto 1205$ – 1170$ .
A good hurdle on weekly chart stands at 1282$ , if traders cut through this hurdle and manage to close above our key resistance , then expect good recovery in gold prices upto 1308$ – 1340$ .
Weekly Gold analysis conclusion : Comex gold trend is flat to weak .
Weekly Silver analysis
Comex silver prices cracked too but it recovered faster after fomc hiked interest rate and hinted 3 more hike next year . It tested 16.15$ and closed at sweet spot just above 16$ hinting healthy performance for next week . A good hurdle on weekly chart stands at 16.55$ , once traders cut through this hurdle and manage to close above our resistance . Then expect more firepower in silver price upto 17.04$ – 17.60$ .
A good base level on weekly chart stands at 15.60$ , if traders break this major base and manage to close below our key support . Then expect more hammering in silver upto 15.05$ – 14.60$ .
Weekly Silver analysis conclusion : Comex silver trend is flat to weak .
More will update to our signals subscribers .
[…] Read our weekly precious metals analysis here […]