weekly gold forecast
Last week gold ( xauusd ) price tested 1109$ and then reversed back . In our daily forecast update we mentioned 1108$ as intraday resistance almost everyday . It just not crossing the major hurdle . Weekly gold chart indicates a major resistance at 1127$ . Once buyers manage to pull this resistance and manage to close above our weekly resistance .Then expect xauusd to zoom upto 1151$ – 1190$ this week .
A good support on weekly gold chart at 1070$ . Once sellers manage to break this support and close beneath this support . Then expect market to favor bears upto 1050$ – 1020$ this week .
There are many economic data which could effect xauusd prices this week . Here are major economic data of the week .
Monday : ECB president Draghi speaks
Tuesday : US CB Consumer Confidence
Wednesday : FOMC Statement , Federal funds rate
Thursday : UK GDP numbers , US Core durable goods order m/m , US unemployment claims , US Pending home sales
Friday : Japan Monetary policy , BOJ economic outlook report . US Advance GDP q/q
So as you can see its an action packed week and there are so many major data waiting . So do not trade big qty at all .
More will update in daily gold price forecast .