Gold ( xauusd ) price crashed badly last week . It cracked from 1250$ till 1207$ . Finally it closed at 1212$ . This major crack came as a surprise in last trading hours . This week gold chart has a weekly good support at 1175$ . If traders break this major level and manage to close beneath our support this week . Then expect market to test upto 1150$ – 1120$ this upcoming week .
Even bad US data could not give any boost to this precious metal prices and it kept crashing . A good resistance on gold weekly chart stands at 1244$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect some fire in this commodity prices upto 1275$ – 1300$ this upcoming week .
We have some major economic event which could change trend of gold prices . Here are major data for this week .
Monday is US and UK holiday So we might see more volatility due to low volumes .
Tuesday : Canada’s GDP numbers , US personal spendings , CB consumer confidence .
Wednesday : China’s manufacturing PMI , UK manufacturing PMI , US ISM manufacturing PMI .
Thursday : ADP non farm employment change , ECB press conference , US unemployment claims , Crude oil inventories .
Friday : UK services PMI , US avg hourly earnings , US non farm employment change , US unemployment rate , ISM non manufacturing PMI , US factory orders .
These are major economic data which would effect gold and silver prices this week . Keep an eye on these events .
Weekly gold forecast conclusion : Trend is weak for upcoming week . Avoid major buying in this metal without any proper stoploss .
More will update in daily forecast update .