Weekly Gold analysis
Last week comex gold ( xauusd ) prices fired again due to US & North Korea’s ongoing tensions . A good support on weekly chart stands at 1250$ . If traders take this base out and manage to close below our support this week . Then expect more pressure in this precious metal upto 1220$ – 1200$ .
A good resistance on weekly chart stands at 1308$ , If traders manage to break this hurdle and close above our resistance , then expect more firepower in this major commodity upto 1331$ – 1360$ .
Weekly Gold analysis : Due to fire last week till 1300$ this major commodity is in bullish zone , avoid any major selling without a proper stoploss .
Weekly Silver analysis
Last week comex silver ( xagusd ) price tested 17.33$ and then retraced back till 16,90$ within some hours only . It literally crashed in some final hours of trading . A good base level on weekly chart stands at 16.40$ . If traders take this base out and manage to close below our support . Then expect more pressure in this major commodity upto 16$ – 15.50$ .
A good hurdle on weekly chart stands at 17.40$ . If traders take this hurdle out and manage to close above our resistance , then expect more firepower in this precious metal upto 18$ – 18.40$ .
Weekly Silver analysis conclusion : Comex xagusd trend is positive .
We have estimate GDP numbers from UK and ECB chairman Draghi speech this week . Avoid any major qty near the events .
More will update in daily analysis .