Comex gold or xau usd this week closed with a loss. After last week’s strong sell off prices are still under pressure and seeing strong supply from the market on every upside. This week we saw fall more than half a percent. In last 4 weeks, gold prices lost 5% from its value on strong selling from investors. For next week, comex gold outlook is bearish and downside might continue. On downside traders can expect 1210 and 1190$ as target zones while on upside 1265 and 1300$ are remained strong resistances. Gold monthly chart suggesting fresh downside move for a target of 1050$ which was previous major bottom on the comex gold monthly chart.
Comex silver or xag usd this week closed at 17.38$ with the loss. This was the third losing week for silver and in 1 month period, silver prices lost almost 10% in its value from the top. Weekly chart price pattern, as well as indicators/oscillators, are suggesting downside rally will continue. So next week outlook remains bearish and trade will be on the short side. On downside comex, silver support zones are 17$ and 16.2$. These are target zones for next week. On the monthly chart, 14$ was the previous bottom and this fresh downside move has its target at 14$ and below.
for mcx tips on whatsapp with support and follow ups , join our commodity tips service.