Weekly Gold forecast last week May 2017

Weekly Gold forecast

Last week Comex Gold ( xauusd ) prices fired and tested near 1270$ . It closed above 1265$ hinting a strong week ahead for xauusd prices . This week we have unemployment rate and non farm employment numbers . We rate these data above Fed meet . So its a cautious week ahead in our calendar . A good resistance on weekly chart stands at 1286$ . If traders take this hurdle out and manage to close above our resistance this week . Then expect more firepower in xauusd prices upto 1308$ – 1333$ .

A good support on weekly technical chart stands at 1230$ . If traders breaks this major base and manage to close below our support this week . Then expect more pressure in xauusd prices upto 1200$ – 1170$ this week .

Weekly Gold forecast conclusion : Comex xauusd trend is positive .

Weekly Silver forecast

Last week Comex Silver ( xagusd ) prices fired and tested above 17.30$ . It even closed almost 17.30$ . A good hurdle on weekly technical chart stands at 17.55$ . Once trader take this hurdle out and manage to close above our resistance this week . Then expect more firepower in xagusd prices upto 17.99$ – 18.45$ this week .

A good base level on weekly technical chart stands at 16.80$ . If traders take this base level out and manage to close below our support this week . Then expect more pressure in xagusd prices upto 16.30$ – 15.70$ this week .

Weekly Silver forecast conclusion : Comex xagusd trend is positive .

We have unemployment rate , Avg earnings and Non farm employment change data this week . Stay cautious .

You may read our last week’s forecast here

More will update in daily forecast .