weekly gold forecast
Gold ( xauusd ) price tested 1283$ last week but it immediately retraced back and dipped till 1250$ . This kind of 30$+ crash indicates a caution note for upcoming week . A good resistance on weekly gold chart at 1291$ . If traders manage to break this and close above weekly resistance . Then expect xauusd to test upto 1320$ – 1351$ this upcoming week .
A good support on weekly gold chart stands at 1224$ . If traders break this major support and if gold manage to close beneath this support . Then expect red color in this yellow precious metal upto 1200$ – 1170$ this week .
There are major economic event this week which could effect gold prices . Here are the list of major economic event for this week .
Tuesday : New Zealand , Australia , Japan Monetary policy , US core retail sales , US PPI , US Retail sales .
Wednesday : UK avg earnings data , UK annual budget , US building permits , US CPI , Crude oil inventories , FOMC meeting , Federal interest rate decision .
Thursday : China monetary policy , UK monetary policy , US unemloyment claims .
Friday : US consumer sentiment .
So as data indicate . This week we have major economy event from almost all major countries ( Monetary policy ) . This week we need to trade very carefully as every second day there is a monetary policy from different part of the world .
Weekly gold forecast conclusion : Trend is positive for now . But stay cautious this week . It may be very bumpy .
More will update in daily forecast update . Keep an eye on daily levels for better trend for daily trade .