Weekly Gold Silver price forecast last week January 2017

By | January 28, 2017

Weekly Gold forecast

Last week comex gold ( xauusd ) price dropped from 1215$ till 1180$ . It could not penetrate below 1180$ and gave a some respite till 1190$ near closing . Next week is very crucial as we have two major monetary policy , will update on these in last . A good weekly resistance on chart stands at 1225$ . If trader breaks this major hurdle and manage to close above our resistance this week . Then expect gold prices to fire upto 1260$ – 1291$ this week .

A good support on weekly chart stands at 1165$ . If trader breaks this major base level and manage to close beneath our support today . Then expect gold price to test upto 1132$ – 1102$ this week .

Weekly Gold forecast conclusion : Gold trend is still in favor of bears . Avoid any major buy .

Weekly Silver forecast

Last week comex silver ( xagusd ) price dropped and tested 16.65$ but it fired within hours and tested 17.25$ . Finally it settled at 17.10$ on closing giving a very blur picture on trend of upcoming week . However we have a good weekly resistance on chart at 17.55$ . If trader breaks this major hurdle and manage to close above our hurdle this week . Then expect silver price to test upto 18.05$ – 18.50$ this week .

A good base level on weekly chart stands at 16.60$ . If trader take this support out and manage to close beneath our support this week . Then expect silver price to test upto 16.10$ – 15.60$ upcoming week .

Weekly Silver forecast conclusion : Silver trend is still weak on chart but take major precaution while selling fresh .

We have two major monetary policy this week . One is from Japan and other is from US . Keep an eye if Fed hikes more interest rates .

More will update in daily forecast update . Upcoming would be pretty wild due to major announcements and events .