Weekly gold forecast
Gold price continued its crash last week as well . It crashed below 1060$ and tested 1053$ . Lowest point was 1053$ last week and highest point was 1081$ for prices . Gold just cemented its bear trend last week by testing lows below 1060$ .
Upcoming week has major data which may decide fate of gold prices , Data details will post in last . This week gold chart shows a weekly resistance at 1091$ . If market manage to break this resistance and close above this technical level then expect buyers to gave some respite upto 1108$ – 1148$ this week .
Gold chart suggests a weekly technical support at 1025$ . If market manage to break this technical level and close below this weekly support then expect more pressure in gold prices upto 1000$ – 965$ and even more hammering in prices not ruled out .
Weekly gold forecast conclusion : Trend is in sellers favors so avoid any major buy position .
More technical daily levels will post in daily gold forecast . So keep an eye on our daily update .
This week we have following Major data .
Monday : US Pending Home sales m/m .
Tuesday : China Manufacturing Data , UK Bank stress result , US ISM Manufacturing data .
Wednesday : ADP Non farm Employment change , Fed chairman Yellen speach .
Thursday : ECB Rate and Press conference , US ISM Non manufacturing data , Fed chairman testifies .
Friday : US average hourly earnings m/m , US Non farm Employment change , Unemployment rate , Trade balance .
So keep an eye on all above data if you hold any position in gold or forex .