Weekly gold forecast
Last week gold prices opened flat at 1230-40$ zone . But it could not sustain on higher levels and cracked below 1200$ . Lowest level it tested at 1190$ . But friday xauusd prices fired once again and tested 1239$ zone . It finally closed at 1227$ . This week gold has a major resistance at 1241$ . If traders pull this resistance and manage to close above our hurdle . Then expect market to zoom upto 1266$ – 1291$ this week .
A good support on weekly gold chart at 1190$ . If traders break this support and manage to close beneath our support . Then expect market to support sellers and it may face some consolidation upto 1160$ – 1130$ this week .
We have major economic data this week which could effect gold . Here are the list of this week economic events .
Tuesday : US consumer confidence data , US existing home sales data .
Wednesday : US New home sales data , US crude oil inventory .
Thursday : UK gdp estimate , US core durable orders , US unemployment claims
Friday : US prelim gdp data , US personal spending .
These are major data and 2 major data this week are US and UK gdp numbers .
Weekly gold forecast conclusion : Trend is flat to positive this week . This week forecast and trend is depepnd on these 2 major data . So trade accordingly . And follow technical levels
More will update in daily forecast update .