Weekly Gold forecast
Last week Comex Gold ( xauusd ) price tested above 1250$ but could not sustain on higher levels . Bulls seems tired and may want a bit more consolidation before resuming upside . A good weekly support on weekly chart stands at 1225$ . If traders breaks this major base level and manage to close beneath this support this week . Then expect some more consolidation in gold prices upto 1200$ – 1170$ upcoming week .
A good resistance on weekly chart stands at 1266$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect more power to gold buyers upto 1291$ – 1320$ this week .
Weekly Gold forecast conclusion : Comex xauusd trend is flat to positive for upcoming week .
Weekly Silver forecast
Last week Comex Silver ( xagusd ) tested new peak of 17.75$ and close pretty much on same level . It almost closed on highest point of the week , hinting it next week’s move in favor of bulls . A good hurdle on weekly chart stands at 18.15$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect more power to silver buyers upto 18.55$ – 18.99$ this week .
A good base level on weekly chart stands at 17.25$ . If traders breaks this major base and manage to close beneath our support this week . Then expect some consolidation upto 16.70$ – 16.20$ upcoming week .
Weekly Silver forecast conclusion : Comex xagusd trend is positive for upcoming week .
We have consumer confidence and US GDP data this week . Stay cautious .
More will update in daily forecast update .