Weekly Gold forecast
Last week Comex Gold ( xau/usd ) prices cracked and tested around 1215$ . However they recovered pretty quick and tested 15$ up 1230$ the very next day . Final closing came at 1228$ which is above 1225$ giving a small peace of mind to xauusd buyers . A good weekly resistance on technical chart stands at 1252$ . Once traders take this hurdle out and manage to close above our resistance this week . Then expect a good recovery in gold prices upto 1280$ – 1305$ this week .
A good support on weekly technical chart stands at 1190$ . If traders manage to break this base and close below our support this week . Then expect fresh round of selling and more trouble for xauusd buyers upto 1160$ – 1130$ upcoming week .
Weekly Gold forecast conclusion : Comex Gold trend is flat to weak .
Weekly Silver forecast
Last week Comex Silver ( xag/usd ) prices tried to test 16$ but it could not and it bounced back pretty quickly . It closed near 16.50$ giving a good sign of new upside upcoming week . A good weekly hurdle on chart stands at 16.92$ . If traders take this hurdle out this week and manage to close above our resistance . Then expect fresh buying to initiate in this precious metal and prices may test upto 17.40$ – 17.90$ this week .
A good base level on weekly silver chart stands at 15.90$ . If traders take this support out and manage to close below our support this week . Then expect more pressure in xagusd prices upto 15.30$ – 15$ this week .
Weekly Silver forecast conclusion : Comex silver trend is flat for this week .
We have china’s yearly industrial production data tomorrow . Keep an eye on that .
Read our last week’s forecast here
More will update in daily forecast update .
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