Weekly Gold forecast 04th week May 2017

Weekly Gold forecast

Comex Gold ( xauusd ) price fired last week as it tested 1265$ . It tested beautiful higher levels and sustained on higher levels . It even closed above 1250$ signaling a good week in upcoming days . A good resistance on weekly technical chart stands at 1292$ . If traders breaks this major hurdle and manage to close above our resistance , then expect more power to xauusd buyers upto 1320$ – 1352$ this week .

A good weekly support on technical gold chart stands at 1225$ . If traders take this support out and manage to close below our support , then expect some pressure in xauusd prices upto 1200$ – 1170$ upcoming week .

Weekly Gold forecast conclusion : We have prelim GDP numbers from US , that would be very crucial for upcoming days . Comex xauusd trend is positive for upcoming week .

Weekly Silver forecast

Comex Silver ( xagusd ) price closed above 16.80$ . It tested 17$ last week but it could not hold that levels and crashed back . A good hurdle on weekly technical chart stands at 17.15$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect more firepower upto 17.54$ – 17.97$ this week .

A good base level on weekly chart stands at 16.40$ . If traders breaks this major base and manage to close below our support this week , Then expect more pressure in xagusd upto 16$ – 15.40$ this week .

Weekly Silver forecast conclusion : Comex xagusd trend is flat to positive for upcoming week .

Read our last week’s forecast update here

More will update in daily forecast update .