Weekly Gold forecast
Comex Gold ( xauusd ) price fired and tested 1207$ last week . We had updated a good hurdle on our intraday resistance . It could not sustain near 1207$ and gave a 20$ push in same day . Finally it settled at 1197$ . This week we have a good hurdle on daily weekly at 1231$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect more power to gold buyers upto 1260$ – 1291$ upcoming week .
A good base level on weekly chart stands at 1150$ . If traders take this base out and manage to close beneath our support this week . Then expect gold prices to test upto 1120$ – 1090$ upcoming week .
Weekly Gold forecast conclusion : Comex Gold trend is positive for upcoming week .
Weekly Silver forecast
Comex Silver ( xagusd ) price fired from 16.45$ odd level till 17$ last week . It gave a small corrections from higher levels and tested below 16.60$ . Finally it closed above 16.80$ . A good support on weekly chart stands at 16.30$ . If traders take this support and manage to close beneath our support this week . Then expect silver prices to test 15.90$ – 15.50$ upcoming week .
A good resistance on weekly chart stands at 17.30$ . If traders break this weekly resistance and manage to close above our resistance this week . Then expect more power to silver buyers upto 17.80$ – 18.30$ this week .
Weekly silver forecast conclusion : Comex Silver trend is positive for this week .
This week we have China’s GDP and ECB monetary policy . So stay cautious .
More will update in daily forecast update .