Weekly gold forecast

Gold ( xauusd ) price closed positive last week once again . After brexit it has covered almost 80$+ ground in a week . Last week it tried to give some consolidation and tested 1305$ but it could not break major level of 1300$ and bounced back from that level till 1345$ . Finally it settled at 1341$ at the end of the week . Gaining approx 10$ from last week closing .

This week we have FOMC meet which would be major deciding factor of bullions trend . Currently a good resistance on weekly gold chart stands at 1371$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect buyers to take charge for fresh buying in this precious metal upto 1402$ – 1429$ this upcoming week .

A good support on weekly gold chart stands at 1298$ . If traders break this major support level and manage to close beneath our support this week . Then expect this precious metal to test upto 1265$ – 1230$ this upcoming week .

Weekly gold forecast conclusion : Xauusd trend is positive for now but it has already fire 80$ in a week so its time to take a caution note on buying side , and we have FOMC meet as well . So stay cautious and do not trade big .

More will update in daily price forecast update .

By marafat