Weekly Gold price forecast last week November 2016

By | November 27, 2016

Weekly Gold trading forecast

Gold ( xauusd ) price dropped further this week and tested 1170$ . It stayed below 1180$ for a while and came back to test 1190$ zone . It was a bear’s week once again as they dominated the price . It finally gave a close near 1184 . This week we have a major weekly resistance on chart stands at 1209$ . Once traders break this major resistance and manage to close above our resistance this week . Then expect gold prices to test upto 1241$ – 1281$ and even more push up in prices not ruled out after 1281$ .

A good weekly support on chart stands at 1150$ . Once traders take this major base level out and manage to close beneath our support this week . Then expect gold prices to test upto 1120$ – 1090$ this week .

A crucial upcoming week featuring OPEC meeting and Unemployment rate from US along with ECB president speech two times in upcoming week . So stay cautious while trading . Do not trade big qty without a proper stoploss . Even though it has crashed approx 150$ from its peak . Still its not a buy on chart . So keep an eye on daily levels for any trend reversal before initiating any buy .

Weekly gold forecast conclusion : Xauusd trend is weak for upcoming week . Keep an eye on daily levels for major trend change .

More will update in daily forecast levels .