Weekly gold technical analysis 3rd week october 2016

By | October 16, 2016

Gold technical analysis

Gold ( xauusd ) price favored bears last week . It stayed in a small range entire week and tested lower levels . It had made low at 1245$ during US data then fired back till 1255$ . It finally settled at 1251$ last week on closing . Silver had a flat week despite more volatile in last few weeks . This week gold chart has a major weekly support at 1225$ . If traders break this major support and manage to close beneath our support this week . Then expect this precious metal prices to test upto 1190$ – 1160$ this upcoming week .

A good resistance on weekly gold chart stands at 1291$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect xauusd prices to shoot upto 1320$ – 1351$ and even more after that .

Gold technical analysis conclusion : Xauusd trend is in favor of sellers . So avoid any major buy trade till market reverse the trend . Keep an eye on daily levels for any trend reversal . Watchout for ECB president Mario Draghi speech this week . It will have a major impact on market and its on monday . So it will give a hint for entire week .

More will update in daily forecast update .

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