Gold forecast this week
Year’s most important event went smooth last week . Fed finally hiked 0.25% interest rate . After rate cut as expected gold prices cracked and tested 1048$ . We updated somedays ago that 1048$ is major support in xauusd . It held pretty good and bounced back very sharply from there . Lowest point for gold was 1048$ and highest point was 1079$ last week . It closed at 1066$ .
This is last week of trading this year ( not counting 30 and 31st december as no one trade that day ) . Usually due to low volumes last week of trading is not that great and gold trades in very narrow range . But last week we had fed rate cut . So expecting some action despite low volumes .
A good weekly technical resistance at 1091$ . If market manage to break this and close above this hurdle then we may see yearly closing above 1100$ and xauusd may test upto 1108$ – 1138$ this week .
Gold chart suggests a weekly support at 1045$ . If market break this and manage to close beneath this level then expect an yearly close near or below 1000$ .
Gold forecast conclusion weekly : Trend is still weak but some good action could be just waiting next week .
Keep an eye on daily forecast update for intraday levels .
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