Gold forecast last week November 2017

Weekly Gold forecast

Last week comex gold ( xauusd ) price sustained in a small range and it could not break 1300$ , Finally it closed below 1290$ . This week we have major event of UK bank’s stress test which will give a fair idea about UK’s economy , after that we have another major event of Prelim US quarterly numbers . These both events will decide the fate of precious metals this week . A good resistance on weekly chart stands at 1308$ , once traders cut this major barrier and manage to close above our resistance this week . Then expect more firepower in this major commodity upto 1333$ – 1355$ .

A good support on weekly technical chart stands at 1265$ , if traders dip price below this level and manage to close below our support , then expect more trouble for gold prices upto 1230$ – 1200$ .

Gold weekly forecast conclusion : Gold trend is flat to positive for this week . Above 1308$ will give a clear shot for more upside , till then keep tight stops in all positions

Weekly Silver forecast

Last week comex silver ( xagusd ) price tested 17.38$ and just missed our hurdle of 17.55$ , It crashed after high and settled near 17$ on weekly closing . A good base level on weekly chart stands at 16.70$ , if traders dip price below this level and manage to close below our support . Then expect more pressure on this precious metal upto 16.30$ – 15.90$ .

A good hurdle on weekly technical chart stands at 17.55$ , once this hurdle is out of the way and traders manage to close above our resistance . Then expect good fireworks in silver price upto 18$ – 18.48$ this week .

Silver weekly forecast conclusion : Silver trend is flat to positive for this week . Trade according to key levels .

Keep an eye on US manufacturing data and fed chairman speech which is due .

You may read our last week’s analysis here

More will update in daily analysis