Gold outlook this week
Comex gold ( xau/usd ) prices did not even tested earlier high of 1192$ and it remained under pressure . Gold outlook was positive for last week but it did traded in a small range and closed negative as it lost minor gains . Last week gold closed at 1164$ . Last week gold lowest point was 1159$ and highest point was 1181$ .
Next week gold outlook would be highly influenced by following major data . Monday US new home sales data . Tuesday UK’s GDP numbers and CB consumer numbers from US . Wednesday we have FOMC statement . Thursday would be most crucial as it would be GDP numbers from US and Unemployment claims .Friday US Employment cost index .
This week comex gold price has a technical weekly support at 1120$ , once market break this support and close below our weekly support then expect market to correct upto 1090$ – 1060$ this week .
If gold price click our weekly technical resistance at 1192$ and close above our weekly resistance then expect market to fire upto 1221$ – 1261$ this week .
Weekly gold outlook conclusion : Gold outlook is flat to weak for this week .
More will be updating in gold daily forecast .