Weekly Gold analysis
Comex gold price crashed and tested 1307$ , after low xauusd prices tried to take a breather and tested 1325$ , finally gold closed at 1316$ . A good support on weekly chart now stands at 1287$ , if traders take this base out and manage to close below our support . Then expect good pressure in gold price upto 1255$ – 1220$ .
A good resistance on weekly xauusd chart stands at 1346$ , if traders take this hurdle out and manage to close above our resistance , then expect gold price to test upto 1381$ – 1400$ .
Gold analysis conclusion : Comex gold trend is weak , avoid major buy without any stoploss .
Bitcoin tested below 6000$ and gave nearly a heart attack to all BTC buyers last week , but finally BTC managed to recovered almost 50% from lows and tested near 9000$ . This week we have a good hurdle on Btc chart at 9600$ , if traders take this hurdle out and manage to sustain trade above our resistance , then expect good firepower in Bitcoin upto 10800$ – 12000$ .
A good base on BTC chart stands at 7400$ , if traders take this base out and manage to sustain trade below our support , then expect more pressure in Bitcoin upto 7000$ – 6600$ .
Bitcoin analysis : BTC trend is weak but some more recovery is not ruled out and above our resistance then expect more firepower .
Wall Street analysis
Dow Jones crashed nearly 10% in 24 hours last week and tested near 23000 , but it recovered smartly and closed approx 1000 points up at 24150 . A good base on DJIA stands at 23700 , if traders tank this base and manage to close below our support , then expect more pressure in Wall street upto 23500 – 23200 .
A good hurdle on DJIA stands at 24520 , if traders take this hurdle out and manage to close above our resistance , then expect more firepower in Wall street upto 24690 – 24990 .
Wall Street analysis conclusion : Dow Jones trend is flat to positive . Follow strict levels and stoploss .
Read our last week’s forecast here
More will update in daily forecast .