Weekly gold trading trend
Gold ( xauusd ) price gave a hint to getting in bear zone as it closed near lowest point of the week . It tested above 1340$ in beginning of the week but it crashed after that and tested 1313$ level that is lowest point of the week . This week we have a major weekly support at 1290$ . If traders manage to break this major base level and manage to close beneath our weekly support . Then expect gold prices to test upto 1260$ – 1230$ this upcoming week .
A good weekly resistance on gold chart stands at 1351$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal prices to test upto 1375$ – 1400$ this upcoming week .
This week we have major manufacturing and constructions data from around the world . We have non farm employment change from US which is equal to fed meetings . Non farm employment change will gave major impact on market . So stay cautious and trade with small qty near data time .
Weekly gold forecast conclusion : Trend is in favor of bears . Avoid buying till any major breakout .
More will update in daily forecast update . So keep an eye on daily levels for better trend in intraday trading .