Weekly Gold forecast
Last week Comex Gold ( xau/usd ) prices crashed badly and tested near 1225$ . It almost closed near lowest point of the week at 1228$ . A good support on weekly technical chart stands at 1195$ . If traders take this major base out and manage to close below our support this week . Then expect more pressure in gold prices upto 1170$ – 1144$ this week .
A good resistance on weekly technical chart stands at 1260$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect some breather in gold prices upto 1292$ – 1320$ this week .
Weekly Gold forecast conclusion : Comex xau/usd trend is weak for upcoming week .
Weekly Silver forecast
Last week Comex Silver ( xag/usd ) prices tested below 16.50$ and closed around 16.30$ . This week we have a good hurdle on weekly technical chart stands at 16.60$ . If traders breaks this major hurdle and manage to close above our resistance . Then expect breather and some recovery in silver prices upto 17$ – 17.45$ this week .
A good base level on weekly chart stands at 15.90$ . If traders breaks this major base and manage to close below our support this week . Then expect more pressure in silver prices upto 15.50$ – 15$ this week .
Weekly Silver forecast conclusion : Comex xag/usd trend is flat for upcoming week .
We have BOE monetary policy upcoming week . Keep an eye on this .
Read our last week’s forecast here
More will update in daily forecast update .
[…] Read our last week’s forecast here […]