Weekly Gold analysis
Comex Gold ( xauusd ) prices tested new highs last week and closed around 1324$ , it closed almost at highest point of the week . Main power came in prices due to North Korea tension and storm in US Texas . This week we have a good resistance on chart stands at 1355$ , if traders take this hurdle out and manage to close above our resistance this week . Then expect more firepower in gold prices upto 1380$ – 1400$ .
A good support on weekly chart stands at 1288$ , if traders take this base out and manage to close below our support this week . Then expect more pressure in xauusd upto 1255$ – 1220$ .
Gold analysis conclusion : Comex xauusd trend is positive for upcoming week .
Weekly Silver analysis
Comex Silver ( xagusd ) price tested 17.70$ last week due to North Korea tension . It closed near highest point . A good base level on weekly chart stands at 17.20$ , if traders take this base out and manage to close below our support this week . Then expect more pressure in this precious metal price upto 16.70$ – 16.30$ .
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 in this precious metal upto 18.60$ – 19$ this week .
Silver analysis conclusion : Comex xagusd trend is positive for this week .
More will update in daily forecast update .