Weekly Gold forecast
Last week Comex Gold ( xauusd ) prices tested near 1185$ and then it started retracing from highs . We enjoyed this 30$ odd run as our positional subscribers booked profit of approx 18-19$ . It finally closed at 1172$ showing some weakness sign at the end of the friday . A good weekly gold resistance on chart stands at 1208$ . If traders take this hurdle out and manage to close above our resistance this week . Then expect gold prices to test upto 1231$ – 1262$ upcoming week .
A good support on weekly gold chart stands at 1148$ . If traders take this support out and manage to close beneath our support this week . Then expect bears to take charge once again upto 1120$ – 1090$ upcoming week .
Weekly Gold forecast conclusion : Comex Gold ( Xauusd ) trend is positive for upcoming week .
Weekly Silver forecast
Last week Comex Silver ( xagusd ) price tested above 16.70$ but it could not hold above 16.70$ and it started correcting from there . It tested 16.23$ in a spike and then gave a final close at 16.48$ . This week silver chart suggests a good hurdle at 17.05$ . If traders take this hurdle out and manage to close above 17.05$ . Then expect silver prices to test upto 17.55$ – 18.07$ this week .
A good base level on weekly silver chart stands at 16$ . If traders take this major base out and manage to close beneath our support this week . Then expect more power to silver sellers upto 15.40$ – 14.80$ upcoming week .
Weekly Silver forecast conclusion : Comex Xagusd trend is positive for upcoming week .
Technical charts suggests more positive moves in precious metals but some major data may reverse this trend . We have China’s CPI and PPI this tuesday . We have Fed chairman speech and US PPI monthly with monthly US retail sales . So keep an eye on these data as they are very important .
More will update in our daily forecast post .