Weekly Gold analysis
Last week gold ( xauusd ) prices traded in a small range entire week . Whole week was like a traffic jam as market stuck in 1280$ – 1290$ range . Upcoming week has Non farm employment change data which will decide the fate of precious metals . Market closed at 1291$ , a good support on weekly chart stands at 1270$ , if traders take this base out and manage to close below our support , then expect more pressure on this major precious metal upto 1248$ – 1218$ this week .
A good hurdle on weekly chart stands at 1318$ , if traders take this hurdle out and manage to close above our resistance . Then expect good firepower in gold prices upto 1344$ – 1370$ .
Weekly Gold analysis conclusion : Trend is flat to positive , avoid any major selling till market reverse .
Weekly Silver analysis
Last week silver ( xagusd ) prices tested 17.31$ and then came back pretty hard , market closed near 17$ giving a hint for some weakness ahead , but US unemployment rate will be major factor . A good base level on weekly chart stands at 16.60$ , if traders take this base out and manage to close below our support this week . Then expect more pressure in this precious metal upto 16.05$ – 15.60$ .
A good hurdle on weekly chart stands at 17.45$ , if traders take this hurdle out and manage to close above our resistance this week . Then expect more firepower in this major commodity upto 17.99$ – 18.40$ .
Weekly silver analysis conclusion : Trend is flat to positive .
Keep an eye on major US data , Unemployment rate and Non farm data will decide the fate of precious metals .
More will update in daily forecast .