Weekly Silver forecast
Comex Silver ( xagusd ) price tried to recover from it bad shape . Fed rate hike helped it to outperform the weak trend . It tested 17.55$ last friday . It finally closed below 17.50$ . A good support on weekly chart stands at 16.90$ . If traders manage to break this base and close beneath this level . Then expect more panic in silver prices upto 16.50$ – 16$ this week .
A good resistance on weekly chart stands at 17.70$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect some power to silver buyers upto 18.20$ – 18.70$ this week .
Weekly Silver forecast conclusion : Comex xagusd trend is flat for upcoming week .
Weekly Gold forecast
Comex Gold ( xauusd ) recovered pretty good ground after fomc announced its hiking interest rate of 25 bps . A good base on weekly chart stands at 1198$ . If traders breaks this major base and manage to close beneath our support this week . Then expect more power to bears upto 1175$ – 1151$ this week in gold .
A good hurdle on weekly chart stands at 1256$ . If traders breaks this major hurdle and manage to close above our resistance this week . Then expect gold buyers to shift gears upto 1290$ – 1320$ this week .
Weekly Gold forecast conclusion : Comex xauusd trend is flat for upcoming week .
More will update in daily forecast .