Weekly Gold forecast
Comex Gold price could not sustain on higher levels, It tested 1355$ and started retracing back. Xau/Usd finally settled below 1340$ signaling further weakness as dollar index closed on highest point of the week. After closing North Korea news came that as they decided to half their nuclear program. This news should give a boost to dollar basket and gold price may open lower. After last week rise in dollar investors finding more value of money in greenback then this yellow metal. For now gold movement should be influence by dollar index as it is the main driver of prices for now. Easing tensions over North Korea and cooling trade war between US and China should give dollar more strength and gold investors may find it attractive to park money in dollar rather in gold. But our medium term view of 1400$ remain intact. Read full post here
A good support on weekly xau/usd chart stands at 1317$, If traders tank this base and manage to close below our support. Then expect more pressure in gold price upto 1300$ – 1278$ this week.
A good hurdle on weekly xau/usd chart stands at 1367$, once this hurdle is out and traders manage to close above our resistance. Then expect good firepower in gold upto 1399$ – 1426$.
Gold forecast conclusion: Gold trend is flat to positive for now, watch our major support. Once this base is out and price close beneath then expect trend reversal. Till then we will be supporter of buy in dips. Watch our daily forecast levels for more intraday update.
Comex Silver price fired beautifully and tested 17.35$ last week. It outperformed gold with good margin and closed above 17$. A good base on this major commodity stands at 16.70$, If traders break this major base and manage to close below our support. Then expect more pressure in silver upto 16.20$ – 15.80$.
A good hurdle on this major commodity stands at 17.38$, If traders break this barrier and manage to close above our resistance. Then expect more firepower in silver price upto 17.80$ – 18.27$ this week.
Silver forecast conclusion: Comex silver trend is positive.
More will update to our signals subscribers.