Weekly Gold forecast
Last week Comex Gold ( xauusd ) prices fired and tested approx 1280$ . It even closed near 1280$ giving highest closing of the week . This week we have ISM manufacturing data from US and ECB’s monetary policy . These will be two major events for upcoming week . However technical scenario in xauusd prices seems positive . A good resistance on weekly chart stands at 1305$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect more firepower in xauusd prices upto 1331$ – 1355$ this week .
A good support on weekly chart stands at 1247$ . If traders breaks this major base and manage to close below our support this week . Then expect more pressure in xauusd prices upto 1205$ – 1170$ this week .
Weekly Gold forecast conclusion : Comex xauusd trend is positive for this week .
Weekly Silver forecast
Last week Comex Silver ( xagusd ) prices tested 17.55$ but it could not close or sustain above this major hurdle , however it almost closed on highest and 17.55$ level which could alarm the sellers . A good base level on weekly technical chart stands at 16.98$ , If traders breaks this major base and manage to close below our support this week . Then expect more pressure in xagusd prices upto 16.50$ – 16$ this week .
A good hurdle on weekly chart stands at 18.05$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect more firepower in xagusd prices upto 18.50$ – 19$ this week .
Weekly Silver forecast conclusion : Comex xagusd trend is positive for upcoming week .
We have ECB Monetary policy and ISM manufacturing data this week . These two events will help to determine the fate of these precious metals prices in upcoming days .
You may read our last week forecast and levels here
More will update in daily forecast update .
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