Weekly Gold forecast
Last week gold price traded in small range but ended on a positive note. Major recovery in gold came after Non farm employment data came weak and dollar index gave a slide. Market reacted and even Dow Jones slashed more than 500 points within some hours.
This week major focus will be on developing trade war between US and China. Market will wait for either side signal to react and investor may find gold attractive if US or China impose anymore duty/tariff on each other .
A good support on gold price stands at 1298$, Once this base is out and traders manage to close below this level. Then expect more pressure in gold prices upto 1275$ – 1250$ this week.
A good resistance on gold price stands at 1366$, If traders take this hurdle out and manage to close above our resistance. Then expect gold prices upto 1392$ – 1423$.
Weekly Gold forecast conclusion: Gold trend is flat for upcoming week, Dollar Index will influence major trend for upcoming week.
Dow Jones forecast
Dow Jones tanked badly after Non farm payroll data tanked and Unemployment rate came at 4.1% vs 4% expected . Wall Street lost all its gains after data and closed below 500 points. A good base on US30 chart stands at 23580, If traders tank this base and manage to close below our support. Then expect more pressure in Dow30 upto 23200- 22700 this week.
A good hurdle on US30 chart stands at 24320, If traders break this barrier and manage to close above our resistance. Then expect good recovery in Dow Jones upto 24700- 25000.
Dow Jones forecast conclusion : Wall Street trend is flat to weak for upcoming week but stay cautious as market may move either way due to brewing trade war between US and China.
More will update to our signals subscribers.