Weekly Gold analysis
Comex gold ( xauusd ) price crashed further last week as it tested 1260$ , however it closed around 1275$ loosing approx 4-5$ in weekly closing . A good support on weekly chart now stands at 1245$ , if traders take this base out and manage to close gold below this level . Then expect more pressure on this precious metal upto 1220$ – 1200$ in upcoming week .
A good resistance on weekly chart stands at 1308$ , if traders take this hurdle out and manage to close above our resistance this week . Then expect good recovery in gold prices upto 1333$ – 1360$ .
Gold analysis this week conclusion : Comex xauusd trend is weak for now , avoid any major buying but selling on these levels without proper stoploss is not advised as well .
Weekly Silver analysis
Comex silver ( xagusd ) price crashed last week and tested 16.30$ but it recovered very smartly in same trading session and closed near 16.80$ hinting bears that its over sold now . A good hurdle on weekly chart stands at 17.20$ , if traders take this hurdle out and manage to close above our resistance this week . Then expect more recovery in this precious metal upto 17.70$ – 18.20$ .
A good base level on weekly chart stands at 16.45$ , if traders take this base out and manage to close below our support this week . Then expect more pressure on this major commodity upto 16$ – 15.50$ .
Silver analysis this week conclusion : Comex xagusd trend is weak for now but as it recovered smartly in last hour of market , its clear that this major commodity is over sold . Avoid further selling in silver for now .
Read our last week’s analysis here
No major data this week but US is close on monday , volumes would be low first day of week . Trade wisely .
More will update in daily silver gold analysis .