Weekly Gold trend
Last week gold price opened lower and tested below 1291$ but it bounced back and tested 1300$. Entire week were were trading in 10-12$ range. Gold moved from 1288$ to 1303$. Market did not move anywhere despite major data and weak dollar index.
We have major events this week as President Trump meets North Korean leader Kim Jong Yun. Trump might try to bully North Korea and we may need to see what result this summit fetches.
We had G-7 meet where last friday and as expected President Trump did not respond softly. Even before leaving for G-7 meeting he threatened Canada with higher tariff unless they change their unfair policy. But as expected with Trump he unexpectedly proposed free trade formula.
According to this no country should impose any tariff, no restrictions by any country and no subsidy to give undue benefit to particular company or country. Except Germany which seems in support of free trade, no country cleared their stands on this new proposed formula by US president.
US president also proposed to take Russia back in G-7 countries and make it G-8 again which everyone opposed including Germany. These new proposals will get an update in upcoming week and should give direction to dollar index and gold prices.
We have Federal reserve meeting too this Wednesday. Market is certain that its going to be a hike of minimum 25bps this time. More than hike we need to see what is Federal reserve say on economy.
A technical resistance on gold chart stands at 1302$, This is an immediate resistance. If traders break this and close above then expect good rise in gold price upto 1331$- 1366$ this week.
A good support on gold chart stands at 1281$, If traders break and close below this then expect gold trend this week to turn negative and price may test upto 1251$- 1220$.
Weekly Gold forecast conclusion: Gold outlook this week is positive on chart but we will have to wait for major events to unfold. These events will decide further gold trend.
Weekly Silver forecast
Believe it or not silver just fulfilled a double bottom last week. Silver price outperformed gold and tested beautiful 16.92$. It closed good solid positive at 16.75$ signaling more upside next week. A good resistance on silver chart stands at 17.36$, If traders break and close above this then expect 17.77$- 18.20$ very soon.
A good support on silver chart stands at 16$, If traders break and close below this then expect silver trend to turn negative and it may test upto 15.50$- 15.10$.
Silver forecast conclusion: Silver trend this week is positive. Just keep an eye on major events.
Bitcoin ( BTC ) price were in small range entire week and it could not gain any traction. We dont like trading in cryptocurrencies due to their volatility and high intraday range. But now it seems bitcoin is settling in 4-5% range which gives us a chance to look into it for small trades. We will cover intraday trading in bitcoin very soon. Stay tune.
For this week we have a good resistance on chart at 7920$, If traders break and close above our resistance. Then expect more firepower upto 8160$- 8300$ this week.
A good support on bitcoin chart stands at 7200$, If traders break and close below this support. Then expect 7000$- 6800$.
Bitcoin analysis conclusion: Bitcoin prices are in flat zone. Trade with key levels with stop loss.
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