Weekly Gold Silver forecast first week May 2017

Weekly Gold forecast

Last week Comex Gold ( xauusd ) price traded weak and stayed below 1270$ which is quite a weak signal on chart . It even closed below 1270$ hinting more weakness ahead . This week we have non farm employment change and Fed decision on interest rates . So its gonna be a volatile week . A good resistance on weekly chart stands at 1305$ . If traders unseat this hurdle and manage to close above our resistance this week . Then expect some breather in gold prices upto 1333$ – 1362$ upcoming week .

A good support on weekly technical gold chart stands at 1247$ . If traders breaks this major base and manage to close beneath our support this week . Then expect more pressure in gold prices to test upto 1220$ – 1190$ this week .

Weekly Gold forecast conclusion : Comex Gold trend is flat to weak for upcoming .

Weekly Silver forecast

Last week Comex Silver ( xagusd ) price crashed further last week and tested below 17.20$ . It even closed below 17.20$ giving another signal for fresh selling round . A good base level on weekly chart stands at 16.80$ . If traders breaks this major base and manage to close below our support this week . Then expect more power to silver sellers upto 16.30$ – 15.80$ this week .

A good hurdle on weekly silver chart stands at 17.60$ . If traders take this hurdle out and manage to close above our resistance this week . Then expect some breather to silver buyers upto 18.20$ – 18.70$ this week .

Weekly Silver forecast conclusion : Comex Silver trend is flat to weak for upcoming week .

We have FOMC decision on interest rate and Non farm employment change with US manufacturing data . So this week we have many major data . So keep an eye on those data .

You may read our last week’s forecast here

More will update in daily forecast update .