Gold price ( xauusd ) traded negative last week and it did not gave a chance to bulls to cross 1208$ which we were mentioning in every gold forecast , it failed to cross 1208$ and gold prices retraced back from 1200$ odd range which they gained with style on Fed’s statement , gold did not shown any strength on higher levels and it needed 1208$ to resume fresh buying which we mentioned in our last week gold forecast
Now if gold price click our same old technical resistance of 1208$ and close above our hurdle then expect gold to give powers to bulls upto 1240$ – 1288$
If gold price does not break 1208$ and remain beneath this level then bears have upper hand this week but gold need to break 1165$ and close below this level to resume fresh selling in gold prices upto 1130$ – 1100$
So should we buy gold this week as gold corrected approx 30$ from its highs ?
or we should sell gold as it did not cross 1208$ and gave a correction ?
Well gold trend looking negative this weak so avoid major buying but no fresh selling recommendation for now as Greece matter is still hanging and we may get output anytime , Greece issue would be crucial for gold as Stock market seems discounted that but gold has not given any movement on this issue yet , If economy like Greece default then there would be a major spike in gold prices and it may destroy all levels with in hours so stay cautious and note down levels before trading in gold
More will update in daily gold forecast