Gold analysis this week
Gold prices last week fired from 1160$ odd range to 1184$ . It crashed after reaching near resistance of 1192$ . Gold made low 1138$ and finally gave a negative weekly close at 1142$ . Last week gold crashed vertically after fed statement where they said they might hike interest rate in december itself . Market were calculating this move next year but fed seems to effect by market . Whole market is criticizing fed to delay rate hike which is essential need of US economy .
This week gold has a weekly resistance at 1192$ once market break this and close above our technical gold resistance then expect market to test upto 1231$ – 1270$ this week .
If gold price break our weekly gold support at 1120$ and close beneath this major support then expect bears to have party upto 1090$ – 1060$ this week .
Gold analysis weekly conclusion : Gold trend is weak for upcoming week . So avoid buy trade .
More already updated to our gold positional signals subscribers . We are holding sell from 1160$
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