Weekly Gold forecast
Comex gold ( xauusd ) price tested 1299$ last week and crashed like pack of cards on good US data and strong US dollar . Gold price finally settled at 1280$ giving small short covering in the end , Wall street ended on lifetime high as it broke above 24000 and gave a astonishing close at 24225 . This week we have most important Non farm employment and US unemployment rate along with manufacturing data .
A good support on weekly chart stands at 1265$ , once traders cut through this base and manage to close below this support , then expect more pressure on this precious metal price upto 1240$ – 1208$ .
A good resistance on weekly chart stands at 1308$ , once traders accomplish this hurdle and manage to close above this resistance . Then expect good firepower in gold prices upto 1333$ – 1366$ .
Gold forecast weekly conclusion : Gold trend is weak but keep an eye on important data as they have influence to change the trend within hours .
Weekly Silver forecast
Comex silver ( xagusd ) price hammered very badly last week as it tested 17.38$ and then crashed all the way till 16.32$ . Industrial production data from UK & US will determine major trend in this precious metal . A good base on weekly chart stands at 15.80$ , if traders cut this base and manage to close below our support . Then expect more pressure on this major commodity upto 15.30$ – 14.70$ .
A good hurdle on weekly chart stands at 16.92$ , if traders cut through this hurdle and manage to close above our resistance , then expect more firepower in this precious metal upto 17.35$ – 17.80$ .
Silver forecast weekly conclusion : Silver trend is weak , avoid major buy without proper stoploss .
More will update in daily technical analysis .