Weekly Gold forecast
Comex gold price fired further last week and closed at highest point of the week . Main strength in gold price came after ECB minutes of December meeting came which signaled hawkish than expected . After meeting minutes precious metals took U turn and started firing and closed at peak .
This week we have china’s GDP numbers with Industrial productions , these data will be on focus this week . A good support on weekly gold chart stands at 1308$ , if traders take this base out and manage to close below our key base , then expect good pressure in xauusd price upto 1275$ – 1250$ .
A good hurdle on weekly gold chart stands at 1356$ , if traders take this hurdle out and manage to close above our key hurdle , then expect good firepower upto 1390$ – 1420$ .
Weekly gold forecast conclusion : Comex gold trend is positive for upcoming week but stay cautious on these levels as its trading in overbought zone and minor correction is not ruled out .
Other Markets update
Silver has a good hurdle on chart at 17.60$ , if traders take this hurdle out and manage to close above this hurdle then expect 18.20 – 18.70$ , a good support on chart stands at 16.85$ , if traders break and close below this level then expect 16.30$ – 15.70$ .
Silver trend is flat to positive for upcoming week .
Dow Jones again closed at highest level of all time , it gave a tremendous close above 25800 . Its trading in uncharted territory since so long so these levels should be treat with fair chance of caution . A good support stands at 25450 , trade below may result in 25200 – 25000 . A good resistance on Wallstreet chart stands at 26050 , trade above may take Dow Jones upto 26200 – 26380 .
Dow Jones trend is positive for upcoming week .
Dollar Index ( Spot ) crashed very badly after ECB minutes signaled hawkish tone , it closed below 91 , signaling further weakness . A good base on DXY chart stands at 90.50 , if traders breaks this major base and manage to close below this level then expect more pressure upto 90.20 – 89.90 .
A good hurdle on DXY chart stands at 91.30 , if traders break this hurdle and manage to close above our resistance , then expect more firepower in dollar index upto 91.60 – 91.90 .
Dollar index trend is flat to weak for now .
Read our last week analysis here
More will update in daily forecast .