weekly gold price forecast
Last week gold price crashed from 1095$ . Highest point was 1099$ . Lowest point was 1063$ . Gold continued its bad phase and extended its loss last week . Weekly closed came at 1078$ . Next we have major data on american GDP and Fed announcement as well . Will update regarding these data in last .
Gold chart has a weekly support at 1048$ . If price break this and close below this weekly gold support then expect market to face correction upto 1021$ – 990$ and even more correction in gold not ruled out .
Gold chart suggests a weekly resistance at 1108$ . If price break this and close above this weekly gold resistance then expect market to favor buyers upto 1141$ – 1171$ and even more relief for gold buyers not ruled out .
Weekly gold price forecast conclusion : Market trend is weak for upcoming week . So avoid any major buy till market trend reverse in favor of buyers .
This week we have major following data :
Monday : US Fed announcement and US Existing Home sales data
Tuesday : US Prelim GDP q/q and CB Consumer Confidence
Wednesday : US Unemployment claims data , Core durable goods order m/m and US personal spending m/m
Keep an eye on above Major data . It may decide trend of market this week . Specially US GDP data .
More will update during live market hours in daily gold forecast update .