Weekly Gold analysis
Last week comex gold ( xauusd ) price crashed further after testing highs of 1284$ . It closed at 1269$ hinting a new lows in upcoming days . A good support on weekly chart stands at 1244$ , if traders take this base out and manage to close below our support this week . Then expect more pressure on this major commodity upto 1220$ – 1200$ .
A good resistance on weekly chart stands at 1292$ , if traders take this hurdle out and manage to close above our resistance . Then expect more firepower in this major precious metal upto 1320$ – 1345$ .
Gold analysis weekly conclusion : Comex gold trend is flat to weak for upcoming week .
Weekly Silver analysis
Last week comex silver ( xagusd ) price tried to test 17.25$ several times but every time it failed and could not sustain on higher levels . It closed nearly 16.80$ , a good base level on weekly chart stands at 16.48$ , if traders break this major base and mange to close below our support then expect more pressure on this major commodity upto 16.05$ – 15.50$ this week .
A good hurdle on weekly chart stands at 17.30$ , if traders take this hurdle out and manage to close above our resistance , then expect more firepower in this precious metal upto 17.88$ – 18.30$ .
Silver analysis weekly conclusion : Comex silver trend is flat for upcoming week .
We have ECB chairman and Fed chairman speech this week . Stay cautious .
All upcoming data can be found here
More will update in daily forecast .
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