Weekly Gold analysis
Comex Gold ( xauusd ) price tested 1357$ and then market reverted back . It closed near 1320$ approx 35-37$ down from its peak . A good weekly support on weekly chart stands at 1290$ , if traders take this base out and manage to close below our support this week . Then expect more pressure on this major commodity upto 1255$ – 1220$ .
A good hurdle on weekly chart stands at 1356$ , if traders take this hurdle and manage to close above our resistance this week . Then expect more firepower in this precious metal upto 1392$ – 1433$ .
Comex gold analysis conclusion weekly : Trend is flat to weak for upcoming week .
Weekly Silver analysis
Comex Silver ( xagusd ) price tested 18.20$ last week then started cracking slowly . It closed near 17.50$ hinting more weakness for upcoming week . A good base level on weekly chart stands at 17$ , if traders take this base out and manage to close below our support this week . Then expect more weakness in this precious metal upto 16.60$ – 16$ .
A good hurdle on weekly chart stands at 18.20$ , if traders take this hurdle out and manage to close above our resistance this week . Then expect more firepower upto 18.70$ – 19.30$ .
Comex silver analysis conclusion weekly : Trend is flat to weak for upcoming week .
This week we have FOMC meet which will decide the fate of both precious metals . Stay cautious around the event .
More will update in daily analysis .