Weekly Gold forecast
Comex Gold ( xauusd ) prices tested 1245$ last week twice and then retraced back from there . Most of the time gold prices were in tight range last week . This week we have a good resistance on weekly chart at 1256$ . If traders break this major hurdle and manage to close above our resistance . Then expect more fire power to buyers upto 1290$ – 1320$ this week .
A good support on weekly gold chart stands at 1200$ . If trader breaks this major base level and manage to close beneath our support this week . Then expect some consolidation in prices upto 1170$ – 1150$ this week .
Weekly Gold forecast conclusion : Comex Gold trend is flat to positive for upcoming week .
Weekly Silver forecast
Comex Silver ( xagusd ) price were trading in mostly 20 cents range entire week . It closed below 18$ . A good base level on weekly chart stands at 17.50$ . If trader breaks this major base level and manage to close beneath our support . Then expect more pain to buyers upto 17.05$ – 16.50$ this week .
A good hurdle on weekly silver chart stands at 18.45$ . If trader breaks this major hurdle and manage to close above our resistance this week . Then expect more power to silver buyers upto 18.99$ – 19.40$ .
Weekly Silver forecast conclusion : No major trend in silver . Follow intraday levels for clear trend during trading hours .
We have Fed minutes next week and GDP estimate from UK . Keep an eye on both data for better trend .
More will update in daily forecast .