Weekly Gold analysis
Comex Gold prices tested 1355$ last week as more tensions about North Korea is mounting . Finally this precious metal closed at 1346$ , gaining almost 20$+ from its last week’s closing . A good resistance on weekly chart stands at 1372$ , if traders take this hurdle out and manage to close above our resistance this week . Then expect more firepower in gold prices upto 1399$ – 1424$ .
A good support on weekly chart stands at 1318$ , if traders take this base out and manage to close below our support this week . Then expect some consolidation and profit booking in this major commodity upto 1290$ – 1260$ .
Gold analysis conclusion : Weekly trend is positive for now , avoid any major sell without any stoploss .
Weekly Silver analysis
Comex Silver price tested 18.20$ last week and closed at 17.95$ it gained fair 20 cents from its last week’s closing . A good base level on weekly chart stands at 17.50$ , if traders take this base out and manage to close below our support , then expect more pressure on this precious metal upto 17.05$ – 16.60$ this week .
A good hurdle on weekly chart stands at 18.45$ , if traders take this hurdle out and manage to close above our resistance this week . Then expect more firepower in silver upto 18.95$ – 19.40$ .
Silver analysis conclusion : Weekly trend is positive . Avoid any major sell .
We have China’s industrial production number and UK’s Monetary policy . Keep a close watch on these two events .
More will update in daily analysis .