Comex weekly technical report for 17 to 21 october 2016

XAU USD weekly technical report for 17 to 21 october 2016

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.

 

XAG USD weekly technical report for 17 to 21 october 2016

 

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.

 

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