weekly gold forecast 1st week march 2016

By | February 28, 2016

weekly gold forecast

Last week gold continued its volatile sessions and continued trading with crude oil . But last week’s friday was only day which did’nt show any connection with crude oil but still we cant rule out its fully disconnect . Gold price closed at 1222$ . It cracked from 1239$ till 1211$ . A good support on weekly gold chart at 1198$ . If traders break this weekly support and manage to close beneath our support . Then expect market to support sellers upto 1167$ – 1130$ this week .

A good resistance on weekly gold chart at 1271$ . If traders break this and manage to close above our hurdle . Then expect market to zoom upto 1300$ – 1331$ this week .

This week we have some Important economic data which could decide gold trend this week . Here are some major economic events .

Monday : US pending home sales data .

Tuesday : China’s Manufacturing PMI , China’s Non manufacturing PMI , US ISM manufacturing PMI .

Wednesday : Australia’s GDP numbers , ADP non farm employment change , Crude oil inventories .

Thursday : UK Services PMI , US unemployment claims , ISM non manufacturing PMI .

Friday : US avg hourly earnings , US non farm employment change , US trade balance , US unemployment rate .

These are major economic events . So stay cautious . China’s manufacturing data , US unemployment rate and crude oil inventories are major economic events among all . So keep an eye on them . This could decide xauusd further fate for upcoming days and weeks .

Weekly gold forecast conclusion :  Trend is flat to positive for now . But stay cautious . But keep an eye on crude oil as well which could impact this precious metal prices .

More will update in daily forecast update .

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