weekly gold forecast
Last week gold prices fired with full power and butchered all sellers specially thursday and friday . It literally eaten all sellers stoploss . Thankfully we were not sellers last week . It made high of 1280$ but then started retracing back from 1280$ till 1250$ in some hours only . Finally it settled at 1259$ . A good resistance on gold chart for this week at 1291$ . If traders break this hurdle and manage to close above our resistance . Then expect market to zoom upto 1324$ – 1366$ this week .
A good support on weekly gold chart at 1220$ . If traders break this support and manage to close beneath our trading weekly support . Then expect market to correct upto 1200$ – 1170$ this week .
Some major economic data which could impact gold prices this week . Here are list of major economic event .
Monday : US labour market conditions index
Tuesday : Japan’s GDP numbers , China’s Trade balance .
Wednesday : UK manufacturing production , Crude oil inventories .
Thursday : China’s CPI , ECB press conference , US unemployment claims .
China’s CPI and crude oil inventories would be major highlight of the week .
Keep an eye on these major economic events .
weekly gold forecast conclusion : weekly trend on chart is positive for now . Buy on dips is recommended for now . But keep an eye on daily levels for day trading levels to trade .
More will update in daily forecast update .