Comex Gold ( xauusd ) prices crashed further from 1300$ to 1279$ , It closed nearly closest point of the week hinting more weakness ahead . This week we have most important data of Non farm employment . We always rate this data at highest rank , so we will advice extreme caution this week . A good support on weekly chart stands at 1245$ , if traders take this base out and manage to close below our support . Then expect more weakness in this precious metal upto 1220$ – 1200$ .
A good resistance on weekly chart stands at 1309$ , if traders take this hurdle out and manage to close above our resistance this week . Then expect some recovery in this major commodity upto 1330$ – 1362$ this week .
Gold analysis conclusion : Comex xauusd trend is weak for this week , stay cautious .
Comex Silver ( xagusd ) price crashed from 17.05$ till 16.58$ , it closed at lowest point of the week . This week we have US unemployment rate and manufacturing data . These two data along with Non farm employment change would decide the future of both precious metal . A good base level on daily chart stands at 16.05$ , if traders take this base out and manage to close below our support this week . Then expect more pressure on this major commodity upto 15.60$ – 15.05$ .
A good hurdle on daily chart stands at 17.05$ , if traders take this hurdle and manage to close above our resistance this week . Then expect some recovery upto 17.50$ – 18$ this week .
Silver analysis conclusion : Comex xagusd trend is weak .
This week we have major data and those data will be very crucial to determine the trend of precious metals . Trade low qty and place strict stoploss in all positions as market may change trend anytime due to those major data .
More will update in daily analysis . You may read our last week’s analysis here