Market analysis this week

By | August 6, 2017

Gold analysis

Last week Comex ( Gold ) prices was trading narrow range entire week and then it crashed in last 2 days of week . It closed nearly 1260$ almost closed on lowest point of the week , indicating a tough week ahead for buyers . However major crack came after Non farm payrolls data which may put a question market on technical . A good support on chart stands at 1230$ , if traders take this base out and manage to close below our support today . Then expect more pressure in this precious metal upto 1202$ – 1170$ .

A good resistance on chart stands at 1277$ . If traders take this hurdle out and manage to close above our resistance , then expect some firepower in gold upto 1305$ – 1337$ this week .

Gold analysis conclusion : Comex xauusd trend is flat to weak .

Silver analysis

Comex Silver ( xagusd ) price crashed from 16.90$ till 16.20$ in last 2 days of the week . Major crash came after US data and xagusd had more pressure if comparing it with xauusd . A good base level on chart stands at 15.90$ . If traders take this base out and manage to close below our support this week . Then expect more pressure in this major commodity upto 15.50$ – 15.05$ .

A good hurdle on chart stands at 16.75$ . If traders take this hurdle out and manage to close above our resistance this week . Then expect good recovery in silver upto 17.25$ – 17.70$ .

Silver analysis conclusion : Comex xagusd trend is weak .

Crude oil analysis

US Crude oil closed below 50$ last week . It managed to recover slightly from its lows of 48$ . A good resistance on weekly chart stands at 51.20$ . If traders take this hurdle out and manage to close above our resistance this week . Then expect more firepower in this major commodity upto 53$ – 55$ .

A good support on weekly chart stands at 46.80$ . If traders take this base out and manage to close below this level . Then expect good pressure in this major commodity upto 45$ – 43$ .

Crude oil analysis conclusion : Oil prices looking flat to positive .

More will update in our daily update .

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