weekly gold forecast
Last week gold ( xauusd ) prices tested our main hurdle of 1128$ . It just made high of 1128$ and then started consolidating . It finally gave a positive close of 1118$ . Major numbers from US gdp could not lift it up but it did not crashed it as well despite major recovery in dollar index and world equity markets last friday .
In first week of february we have major data from china this monday . Will update this later in this post . A good support on weekly gold chart stands at 1098$ . If traders manage to break this support and close beneath our weekly support . Then expect market to support sellers upto 1080$ – 1065$ this week .
A good resistance on weekly gold chart at 1131$ . Once traders break this and manage to close above this major hurdle . Then expect market to zoom upto 1152$ – 1180$ this week .
We have major data this very first week of february . Lets have a look on major data which could impact gold .
Monday : China Manufacturing data , UK manufacturing data , US ISM manufacturing data , ECB president speech .
Tuesday : Australia’s interest rate decision .
Wednesday : Bank of Japan governer speech , US ADP non farm employment change , US ISM non manufacturing PMI , Crude oil inventories .
Thursday : Bank of England Monetary policy , Bank of England interest rate decision , US unemployment claims .
Friday : US Average hourly earning m/m , US non farm employment change , US unemployment claims .
Weekly gold forecast update : So this is action packed first week of february . Gold could get big swings this week . So stay cautious .
More will update in daily price forecast update .