Weekly Gold forecast
Comex Gold ( xauusd ) prices tested above 1290$ and then tanked below 1270$ last week . Xauusd closed almost near lowest point of the week . A good resistance on weekly gold technical chart stands at 1305$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect more firepower in xauusd prices upto 1331$ – 1360$ .
A good support on weekly technical chart stands at 1245$ . If traders breaks this major base and manage to close beneath our support this week . Then expect more pressure in xauusd prices upto 1208$ – 1170$ this week .
Weekly Gold forecast conclusion : Gold forecast suggests xauusd trend is flat for this week as we have major monetary policies and data which will decide the fate of market .
Weekly Silver forecast
Comex Silver ( xagusd ) price crashed all the way from 17.70$ till 17.20$ last week . Xagusd even closed below 17.20$ giving a hint to squeeze prices even more . A good base level on weekly silver technical chart stands at 16.70$ . If traders breaks this major base and manage to close below our support this week . Then expect more pressure in xagusd prices upto 16.20$ – 15.80$ .
A good hurdle on weekly silver technical chart stands at 17.85$ . If traders take this hurdle out and manage to close above our resistance this week . Then expect more firepower in xagusd prices upto 18.30$ – 18.90$ this week .
Weekly Silver forecast conclusion : Comex xagusd trend is flat to weak for upcoming week .
We have major monetary policies this week including US . Fed statement will be crucial as interest rate hike might come . If any hike comes then expect a trend reversal within hours in market . Upcoming week might be very volatile due to monetary policies and major data . Stay cautious and trade minimum .
Read our last week forecast and levels here
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