Gold analysis weekly
Comex gold ( xauusd ) price tried to test 1290$ but it could not go higher and crashed in last hours of trading . US were closed but still market seen heavy sell from 1288$ to 1274$ within hours . A good support on weekly chart stands at 1250$ , if traders break this major 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 major hurdle and manage to close above our resistance , then expect more firepower in this precious metal upto 1333$ – 1355$ this week .
Gold analysis conclusion : Gold trend is volatile for upcoming week , on chart its positive but last hour crash made it difficult to rise . So keep an eye and watch daily forecast update .
Silver analysis weekly
Comex silver ( xagusd ) price could not break 17.25$ last week and crashed pretty bad in last hours of trading session . It closed below 16.90$ hinting a volatile session ahead this Monday . A good base level on weekly chart stands at 16.40$ , if traders break this major base and manage to close below our support . Then expect more pressure in this major commodity upto 16$ – 15.55$ .
A good hurdle on weekly chart stands at 17.25$ , if traders break this major barrier and manage to close above our resistance . Then expect good recovery upto 17.60$ – 18.10$ this week .
Silver analysis conclusion : Silver trend is flat to positive .
We have China’s Industrial production and US retail sales data this week . Keep an eye on these data to avoid any surprise .
Read our last week’s forecast here
More will update in daily forecast .