Weekly Gold forecast
Comex Gold ( xauusd ) price tested 1270$ last week and then came back . Last week was pretty range bound and market stayed in a narrow range despite we had Fed event . Fed finally hiked interest rate and gave a small increase of 0.25% . Market reacted but very mildly and things settled down pretty quickly . Xauusd gave final close below 1255$ signaling a good week ahead for bears . However a good support on weekly gold chart stands at 1225$ . If traders take this base out and manage to close below our support this week . Then expect more pressure in xauusd prices upto 1200$ – 1170$ .
A good resistance on weekly technical chart stands at 1291$ . If traders take this hurdle out and manage to close above our resistance this week . Then expect more firepower in xauusd prices upto 1320$ – 1360$ .
Weekly Gold forecast conclusion : Comex xauusd trend is weak .
Weekly Silver forecast
Comex Silver ( xagusd ) price tested 17.30$ after fed announcement to hike interest rate , however it did not sustain on those levels and quickly erased all gains and came back in 16.70$ range . Silver gave final close below 16.70$ . A good base level on weekly technical chart stands at 16.20$ . If traders breaks this major base and manage to close below our support this week . Then expect more pressure in xagusd prices upto 15.70$ – 15.20$ .
A good hurdle on weekly technical chart stands at 17.30$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect good firepower in xagusd prices upto 17.90$ – 18.40$ .
Weekly Silver forecast conclusion : Comex xagusd trend is flat to weak .
Read our last week’s forecast here
More will update in daily forecast update .