Weekly Gold forecast
Last week Comex Gold ( xauusd ) price stayed in 10-12$ range and kept trading in 1200-1210$ most of the time . Finally it gave close at 1209$ . This week we have a good weekly hurdle on chart at 1231$ . If traders pull this hurdle and manage to close above our resistance this week . Then expect more power to gold buyers upto 1255$ – 1291$ this week .
A good support on weekly chart stands at 1175$ . If trader break this major base level and manage to close beneath our weekly support . Then expect some correction in gold prices upto 1150$ – 1130$ .
Weekly Gold forecast conclusion : Comex Xauusd trend is still positive for upcoming week .
Weekly Silver forecast
Comex Silver ( Xagusd ) price tested 17.30$ last week despite a range bound gold . But it could not sustain on higher levels and tanked beautifully from 17.30$ till 16.90$ . Finally it settled the week at 17.06$ . A good resistance this week stands on silver chart at 17.55$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect more power to buyers upto 18.05$ – 18.50$ this week .
A good weekly support on silver chart stands at 16.50$ . If traders take this support out and manage to close beneath our support this week . Then expect bears to take control of silver prices upto 16$ – 15.30$ this week .
Weekly Silver forecast conclusion : Comex Xagusd trend is positive for upcoming week .
This week we will have see how 45th president of US reacts on different issue . It will be his first week of office so trade cautiously . Main event of this week are ECB president speech and US advance GDP numbers .
More will update in daily forecast update .