Weekly Gold price forecast 1st week Nov 2016

By | October 30, 2016

Weekly Gold trading forecast

Last week gold ( xauusd ) prices fired from 1260$ till 1285$ . It gave almost a heart attack last friday when it fired from 1262$ till 1285$ within hours . Finally it settled at 1275$ . This week we have a major resistance on weekly gold chart at 1306$ . Once traders break this major hurdle and manage to close above our resistance this week . Then expect xauusd prices to fire upto 1331$ – 1355$ upcoming week .

A good support on weekly chart stands at 1248$ . Once traders break this major base level and manage to close beneath our support this week . Then expect this precious metal to test upto 1226$ – 1200$ upcoming week .

We have a crucial next week where we will be facing many monetary policies including Fed . So stay cautious and keep an eye on daily levels for intraday trades .

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

More will update in daily forecast update .

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