Weekly gold forecast
Gold ( xauusd ) price were trading with 10$ range entire week till US non farm payroll data came . Data was weakest since september 2010 . This gave a big push to this precious metal prices and it fired from 1210$ to 1244$ in some hours only . Finally it closed at 1244$ almost at highest level of the day . This week we have a major weekly resistance on gold chart at 1272$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect buyers to take charge once again upto 1300$ – 1331$ this week .
A good weekly support on gold chart stands at 1218$ . If traders break this major support and manage to close beneath our weekly support . Then expect some correction in this major commodity upto 1190$ – 1165$ this week .
We have some major economic event which could effect gold price this week . Here are major events .
Monday : Fed chairman speech .
Tuesday : China’s forex reserve , US nonfarm revised productivity .
Wednesday : Japans final gdp numbers , China’s trade balance , UK manufacturing production , Crude oil inventories .
Thursday : China PPI , China CPI , ECB president’s speech , US unemployment claims .
Friday : US Prelim Uom Consumer sentiment , US inflation expectations .
So these are major data which could effect xauusd prices this week . Keep an eye on these events .
Weekly gold forecast conclusion : Trend is weak but if prices close above 1255$ then market might support buyers even before our resistance .
More will update in daily forecast update .