Gold weekly forecast
Comex gold ( xauusd ) price were trading in a small range from 1275$ to 1283$ . But last friday it finally took off and broke the barrier of 1285$ and 1292$ . It even closed above 1292$ hinting a good positive week ahead . A good resistance on weekly chart stands now at 1308$ , once traders break this barrier and manage to close above our resistance . Then expect more firepower upto 1333$ – 1366$ this week .
A good support on weekly chart stands at 1270$ , if traders take this base out and manage to close below our support , then expect more pressure on this precious metal upto 1250$ – 1220$ .
Weekly Gold forecast conclusion : Comex gold trend is positive .
Silver weekly forecast
Comex silver ( xagusd ) price fired in last minutes of friday . It tested 17.38$ and closed above 17.25$ hinting new highs next week . A good hurdle on weekly chart stands at 17.62$ , once traders take this hurdle out and close above our resistance . Then expect more firepower in this major commodity upto 18$ – 18.50$ this week .
A good base level on weekly chart stands at 16.85$ , if traders break this major base and manage to close below our support this week . Then expect more pressure in this precious metal upto 16.40$ – 16$ .
Weekly Silver forecast conclusion : Comex silver trend is positive .
We have ECB chairman speech and US core durable monthly orders . So keep an eye on these two events .
Read our last week’s analysis here
More will update in daily analysis report .