Weekly gold forecast
Last week gold prices sustain on higher levels as from monday onwards it was holding 1208$ which was a major support last week on daily chart . It finally gave a close of 1238$ last week . Highest point for gold was 1243$ last week and lowest point was 1213$ . This week gold weekly chart has a good resistance at 1271$ . If traders manage to breach this level and close above our weekly resistance . Then expect xauusd to dominate upto 1300$ – 1331$ this week .
A good support on weekly gold chart stands at 1207$ . If traders break this major level and manage to close beneath this base support . Then expect xauusd to test upto 1180$ – 1150$ this upcoming week .
We have some major world economic event which could effect xauusd prices this week . Here are major economic event list .
Monday : China’s CPI numbers , Fed statement .
Tuesday : UK CPI numbers , Fed budget balance .
Wednesday : China’s trade balance , US core retail sales numbers , US PPI , US retail sales numbers , Crude oil inventories .
Thursday : UK monetary policy , US CPI , US unemployment claims .
Friday : China’s GDP numbers , China’s Industrial production , Empire state manufacturing index , US prelim consumer sentiments .
So these are major events which we would keeping an eye this week .
Weekly gold forecast conclusion : Trend is in favor of buyers . So avoid any major selling trade .
More will update in daily forecast update .