Gold analysis
Comex Gold ( xauusd ) prices tested 1306$ in beginning of last week and then crashed till 1278$ while closing this friday . This week we have prelim GDP numbers from UK and advance GDP numbers from US . A good support on technical gold chart stands at 1250$ , if traders tank this base and manage to close below our support this week . Then expect more pressure on this major commodity upto 1220$ – 1200$ .
A good resistance on weekly chart stands at 1308$ , if traders break this barrier and manage to close above our resistance this week , then expect party for gold buyers upto 1331$ – 1355$ .
Gold technical analysis conclusion : This week would be crucial as Wall street closed on lifetime highs and gold trend is weak for now , but we wont recommend opening any major fresh sell on these levels .
Silver analysis
Comex silver ( xagusd ) price tested 17.28$ and then tanked till 16.90$ , it closed near 17$ which is not bad closing considering how bad xauusd has fallen from highs . A good hurdle on weekly chart stands at 17.30$ , if traders take this hurdle out and manage to close above our resistance , then expect party for xagusd buyers upto 17.70$ – 18.10$ this week .
A good base level on weekly chart stands at 16.60$ , if traders tank this base and manage to close below our support this week . Then expect more pressure on this precious metal upto 16.20$ – 15.70$ .
Silver analysis conclusion : This we have ECB decision on interest rate which will be crucial for precious metals , silver trend is flat to positive for upcoming week .
Read our last week’s forecast here
More will update in daily forecast and levels .
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