Weekly Gold forecast
Gold prices crashed last week as it tested 1315$ and showed good weakness following dollar index strength on improve global tensions. Main rise came in dollar due to easing tensions between North Korea and US. We had historic week as North Korea decided not to pursue its atomic ambitions and patched up with South Korea. But last friday gold faced some short covering and closed above 1320$.
A good support on xau/usd chart stands at 1300$, If traders tank this base out and manage to close below our support. Then expect free fall in gold price upto 1275$ – 1250$ and even more pressure in gold not ruled out.
A good resistance on xau/usd chart stands at 1367$, If traders break this hurdle and manage to close above our resistance. Then expect extreme firepower in gold price upto 1399$ – 1430$ within some days.
We have Fed Interest rate decision, Non farm employment, Unemployment rate from US. These events and data will decide the fate of gold price for upcoming week. Technically trend is weak but dont take any sell or fresh buy before data.
Crude oil forecast
WTI Crude oil prices tested almost 70$ last week and settled near 68$. Good economic data and uncertain middle east policies are causing rise in oil prices. This week we have a major hurdle at 72.20$, If traders break this hurdle and manage to close above our resistance. Then expect expensive fuel and rally may test upto 75$ – 79$ this week.
A good hurdle on this major commodity stands at 64$, If traders break this major base and manage to close below our support. Then expect good pressure in crude oil prices upto 61$- 57$.
Crude oil forecast conclusion: Oil trend is positive for upcoming week.
More will update in our daily forecast
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