weekly gold forecast 1st week august 2016

By | July 31, 2016

Weekly gold trading forecast

Gold ( xauusd ) price were trading pretty lower when it opened near 1316$ last monday . But then it recovered beautifully from there and tested 1340$ zone in same week . However it could not sustain on 1340$ zone and dipped till 1328$ after US data . Then again after fed decided not to cut interest rate it fired from 1328$ till 1355$ . Fed did’nt give any clear indication when it will cut interest rate . It gave a quite a ride last week and finally prices closed above 1350$ giving a good sign for buyers next week .

This week gold has a major resistance on chart at 1376$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to test upto 1400$ – 1429$ this upcoming week .

A good support on weekly gold chart stands at 1310$ . If traders break this weekly major support level and manage to close beneath our weekly support . Then expect this precious metal to test upto 1280$ – 1250$ this upcoming week .

Weekly gold forecast conclusion : Xauusd trend is positive for upcoming week .

Before taking any intraday trade please read our daily forecast levels .

More will update in daily forecast update .

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