Gold forecast 2nd week July 2017

Weekly Gold forecast

Comex Gold ( xauusd ) prices crashed last week after Non farm payroll data came better than expected . It crashed badly and buyers faced a nightmare last week . Market reversed trend from positive to negative after the data and it kept making new lows . Weekly closing came nearly lowest point of the week at 1212$ . A good support on weekly chart stands at 1190$ . If traders take this base out and manage to close below our support this week . Then expect more pressure in xauusd prices upto 1150$ – 1120$ this week .

A good resistance on weekly chart stands at 1245$ . If traders take this hurdle out and manage to sustain trade above our resistance this week . Then expect some recovery in xauusd prices upto 1280$ – 1305$ this week .

Weekly Gold forecast conclusion : Comex xauusd trend is weak .

Weekly Silver forecast

Comex Silver ( xagusd ) prices crashed and even made a crazy low near 14$ last friday . A good base level on weekly chart stands at 15$ . If traders take this base out and manage to close below our base this week . Then expect more weakness in xagusd prices upto 14.30$ – 13.70$ .

A good hurdle on weekly chart stands at 16.20$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect some recovery in xagusd prices upto 16.70$ – 17.30$ .

Weekly Silver forecast conclusion : Comex xagusd trend is weak .

We have Fed chairman two speeches this week with retail sales data . Keep an eye on these events .

Read our last week’s forecast here

More will update in daily forecast update .