Weekly Gold forecast
Last week Comex Gold ( xauusd ) prices traded flat and did not gave any major breakout . It was trading in 8-10$ range for entire week . A good support on weekly chart stands at 1250$ . If traders breaks this major base and manage to close beneath our support this week . Then expect more pressure in gold prices upto 1220$ – 1200 .
A good resistance on weekly chart stands at 1308$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect more firepower to gold buyers upto 1331$ – 1355$ this week .
Weekly Gold forecast conclusion : Comex gold trend is flat for this week .
Silver forecast
Comex Silver ( xagusd ) prices cracked last week as it was under pressure even before . It even closed a bad close for buyers below 18$ . A good base level on weekly chart stands at 17.50$ . If trades take this support out and manage to close beneath our support this week . Then expect more pressure in silver prices upto 17$ – 16.50$ upcoming week .
A good hurdle on daily chart stands at 18.55$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect trend reversal from weak to positive and silver prices may gain upto 19.05$ – 19.60$ this week .
Silver forecast conclusion : Comex silver trend is weak for now .
We have French president election this week with ECB monetary policy . Both are major events . Keep an eye on that .
You may read our last week’s forecast here
More will update in daily forecast update
[…] You may read our last week’s forecast here […]