Comex Gold price tested 1345$ last week and then gave a 20$ retraced from its peak . Gold finally gave a good comfortable close above 1331$ . This week we have European central bank monetary policy , we are expecting a minor hike of 25 bps as rates are at 0% since so long . We are expecting ECB may follow Fed . Fed has cleared already that we should expect atleast 3 hikes this year . We think ECB might give 2-3 hikes this year too .
A good support on weekly gold chart stands at 1308$ , if traders tank this base and manage to close below our xauusd support . Then expect good pressure on gold upto 1280$ – 1251$ .
A good resistance in gold price stands at 1355$ , if traders take this hurdle out and manage to close above our resistance . Then expect good firepower in xauusd upto 1388$ – 1402$ .
Gold analysis conclusion : This week gold trend is flat to positive but we would advise good precaution on these levels if you are looking to buy .
Silver weekly resistance stands at 17.35$ , support at 16.50$ . Trend is flat to weak .
Wall Street analysis
Dow Jones continued its dream run as it test 26000 this week and closed above 26050 . Every week we are seeing new highs and sellers are getting butchered in every 100-200 points . A good hurdle on weekly DJIA chart stands at 26320 , if traders take this hurdle out and manage to close above our hurdle . Then expect good firepower in Dow jones upto 26500 – 26700 .
A good base on DJIA chart stands at 25750 , if traders tank this base and manage to close below our support . Then expect good pressure in Dow jones upto 25500 – 25300 .
Wall Street analysis conclusion : DJIA continuing its uncharted territory . Better avoid trading in index or make extremely tight stoploss . Trend is still positive .
World’s favorite Cryptocurrency Bitcoin ( BTC ) tested near 9000$ , if you remember we have predicted that 8000$ may be good value to buy bitcoin in our yearly market outlook , you may read our full post here
After making lows near 9000$ BTC fired beautifully and recovered . It finally gave a close at 11325 gaining almost 15-18% from its lowest point of the week . A good hurdle on weekly chart stands at 14200$ , if traders take this hurdle out and manage to close above our resistance . Then expect bitcoin to fire upto 15000 – 16000$ .
Our main support on BTC stands at 8900$ , if traders take this base out and manage to close below our support . Then expect good pressure in bitcoin upto 8300$ – 7800$ this week .
Bitcoin analysis conclusion : This week we may see new lows so trade with extreme caution ( We dont trade in Bitcoin as we still feel 10-15% range in a day is not good for trading ) .
More will update to our signals subscribers .