Weekly gold trading forecast
Last week gold ( xauusd ) prices tried to jump the hood by testing 1273$ range . But after some fire power it cracked and tested 1260$ again . Finally it settled at 1266$ on closing of the week . This week gold price has a major weekly resistance at 1285$ . Once traders break this hurdle and manage to close above our resistance this week . Then expect prices of this precious metal to test upto 1320$ – 1351$ this week .
A good weekly support on gold chart stands at 1238$ this week . Once traders break this major base level and manage to close beneath our support this week . Then expect this precious metal to test upto 1208$ – 1170$ this upcoming week .
Weekly gold forecast conclusion : This week market is looking to support buyers . Trend is in favor of bulls . Avoid any major selling .
This week we have ECB chairman speech which would be crucial . Nowdays it has become a weekly affair to give a speech in market hours for a central bank governor . Be it FOMC chairman Yellen or ECB chairman Draghi .
More will update in daily forecast update . Keep an eye on daily levels for intraday trading levels .