Gold Silver Weekly Report - Bullions Next week (2-6 May)

Gold Market Overview
COMEX Gold is in an upward phase. Last week COMEX Gold sustains on higher level and closed near to its week high. In the coming week 1500$ will act as a major support in COMEX Gold, if COMEX Gold sustains above 1525 $ an ounce then above 1575 $ an ounce it can touch the level of 1530$ an ounce and if COMEX Gold sustains below 1490$ then it can slightly correct and test the level of 1460$ an ounce.

Strategy

For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1520$ an ounce, then above 1575$ it can test the level of 1590$ an ounce and above 1590$ it can further move upward. Trade by keeping the strict stop losses.

Major support for COMEX Gold in the coming week is 1500$ and 1450$.
Major resistance for COMEX Gold in the coming week is 1605$ and 1645$

Major support in MCX Gold is 22200 and 21900
Major resistance in MCX Gold is 23050 and 23300


Silver Market Overview
COMEX Silver is technically strong on charts. Last week COMEX Silver neither closed on higher levels nor at lower levels. For the upcoming week 4380$ and 4220$ are the crucial supports and 5000$ and 5150 $ are crucial resistance in COMEX Silver.

In MCX Silver 73000 and 75500 will act as major resistance and 64000 and 63000 will act as major supports.

Strategy
Technically COMEX Silver is strong on charts, For the next week traders can use buy on lower level strategy if Silver sustains above the level of 4500$ an ounce, then above 4930$ an ounce it can further go upward and can test the level of 4990$ an ounce. Trade by keeping the proper stop losses.

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