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 .