weekly gold forecast
Last week gold prices tumbled approx 12-13$ from its highest point . Despite low volumes it cracked and on chart it changed the trend . But due to low volumes and holiday session we would not recommend to go and sell in this precious metal . It closed at 1061$ . Highest point was 1076$ and lowest point was 1057$ last week .
This week gold fate will decide by major data which i will post in last . Currently a major hurdle to save buyers from bears stands at 1043$ . Once this level taken out by bears and they manage to close beneath this level then expect market to correct upto 1004$ – 970$ this week .
If gold buyers break our major resistance this week at 1100$ and manage to close above our major weekly resistance then expect nightmares for sellers upto 1141$ – 1185$ this week .
weekly gold forecast conclusion : Trend is weak on chart but still do not initiate any selling position till our major support stands .
Major data which could effect gold price this week .
Monday : US ISM manufacturing PMI .
Wednesday : ADP Non farm employment change , US Trade balance , US ISM non manufacturing PMI , US Factory orders , FOMC meetings .
Thursday : US Unemployment claims .
Friday : US Average hoursly earnings , US Non farm employment change , US Unemployment rate .
More will update in daily xauusd price forecast .