Weekly gold forecast
Last week gold ( xauusd ) price climbed above 1240$ then crashed in a dramatic manner after US non farm payroll data . It tested 1208$ and bounced back till 1208$ . Friday highest point was 1235$ and lowest was 1208$ and then closing came at 1222$ . So it was a huge movement day last friday .
This week gold price has a major hurdle on weekly chart at 1251$ . If traders break this hurdle and manage to close above our weekly resistance . Then expect xauusd to fire upto 1280$ – 1307$ this week .
A good support on weekly gold chart stands at 1198$ . If traders break this major base level and manage to close beneath this level . Then expect xauusd to correct upto 1170$ – 1150$ this upcoming week .
We have major economic data this week which could effect prices . Here is the list of major event .
Monday : US factory orders
Tuesday : US trade balance , UK services PMI , ISM non manufacturing PMI .
Wednesday : FOMC minutes , Crude oil inventories .
Thursday : US unemployment claims , ECB chairman speech .
Friday : UK manufacturing data .
Weekly gold forecast conclusion : Trend is still weak .
More will update in daily price forecast update .