Weekly gold forecast

Last week gold ( xauusd ) prices were staying flat till thursday night . Once britain decided to leave european union . It fired fiercly and tested levels above 1350$ . Highest point last was at 1358$ . But then it could not sustain on those levels and started consolidating . It finally closed at 1315$ . Despite some consolidation it did not broke 1300$ . It kept higher levels and it sustained pretty well above 1300$ last friday . This week we need to see if UK would go for another referendum or not . There are talks that they may go for second referendum as vote out was below 75% . So again this could be a big news this week which might effect gold prices .

This week we have a weekly gold resistance on chart at 1361$ . If traders break this major hurdle and manage to close above our weekly hurdle . Then expect bulls to fire more upto 1385$ – 1426$ this upcoming week .

A good support on gold weekly chart stands at 1270$ . If traders break this major support level and manage to close beneath our weekly support . Then expect bears to take over this precious metal and they may test upto 1240$ – 1207$ this upcoming week .

Weekly gold forecast : Xauusd trend is positive this week . Avoid any major selling without any stopploss . Keep an eye on daily levels for daily resistance and support . Buyers have upper hand this upcoming week as market is in positive zone .

More will update in daily forecast update .

 

By marafat