Comex Gold ( xauusd ) price crashed last week as it tested below 1240$ after good GDP numbers from US . It closed nearly lowest point of the week . A good support on weekly technical chart stands at 1220$ . 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 1272$ . If traders take this hurdle out and manage to close above our resistance . Then expect good recovery in xauusd prices upto 1300$ – 1331$ this week .
Gold forecast conclusion : This week we have major data of Non farm payroll which we rate above than fed interest rate decision . It would be the major driver of the prices for upcoming week and next week as well . Before data xauusd prices looking flat to weak .
Comex Silver ( xagusd ) price tested 16.90$ then crashed later . It closed near 16.60$ . A good hurdle on weekly technical chart stands at 17.05$ . If traders breaks this major hurdle and manage to close above our resistance . Then expect firepower in xagusd prices upto 17.50$ – 17.98$ this week .
A good base level on weekly technical chart stands at 16.30$ . If traders take this base out and manage to close below our support this week . Then expect more pressure in xagusd prices upto 15.90$ – 15.40$ this week .
Silver forecast conclusion : Comex xagusd trend is flat .
This week we have Non farm payroll and Manufacturing data from US which will drive the prices of precious metals and major indices .
Read our last week’s forecast here
More will update in daily forecast .