Weekly Gold forecast
Comex Gold ( xauusd ) prices tried to recover last week as it recovered from almost 1200$ till 1232$ . US data helped it from lower levels and it gave good positive close . It closed at 1228$ giving a good high note positive closing . A good resistance on weekly chart stands at 1252$ . If traders take this hurdle out and manage to close above our resistance this week . Then expect good recovery in xauusd prices upto 1284$ – 1320$ this week .
A good support on gold weekly chart stands at 1198$ . If traders take this base out and manage to close below our support this week . Then expect further pressure in xauusd prices upto 1170$ – 1150$ this week .
Weekly Gold forecast conclusion : Comex xauusd trend is flat to weak for this week .
Weekly Silver forecast
Comex Silver ( xagusd ) price recovered very sharply from its low of 15$ ( not counting crazy low of near 14.50$ ) . A good base level on silver weekly chart stands at 15.40$ . If traders take this base out and manage to close below our support this week . Then expect some pressure again in xagusd prices upto 14.80$ – 14.30$ this week .
A good hurdle on weekly chart stands at 16.35$ . If traders take this hurdle out and manage to close above our resistance this week . Then expect more recovery in xagusd prices upto 16.90$ – 17.30$ .
Weekly Silver forecast conclusion : Comex xagusd trend is flat to weak .
We have China’s GDP and industrial production with ECB decision on interest rate this week . So again it would be very crucial to see what ECB says and how china’s data come monday morning . Do not trade bulk this week as it might get volatile again due to major data and announcement from ECB .
Read our last week’s update here
More will update in daily trend update .