Weekly gold forecast
Last week gold price tested 1270$ zone but it crashed immediately after making highs . Finally it gave close almost near its lowest point of 1227$ . This week we have major data such as federal interest rate decision and US gdp numbers . Which could send this major commodity prices either 1300 or 1200 within hours . So keep an eye on these major events .
This week gold chart has a good resistance at 1272$ . If traders break this hurdle and manage to close above our weekly resistance this week . Then expect xauusd to zoom upto 1300$ – 1331$ this week .
A good support on weekly gold chart stands at 1198$ . If traders break this major support level and manage to close beneath our support . Then expect this precious metal to support sellers upto 1170$ – 1145$ this week .
We have some major economic event which would decide its future fate . Here is list of major economic data this week .
Monday : US new home sales .
Tuesday : US core durable goods orders , US consumer confidence .
Wednesday : UK gdp numbers , Crude oil inventories , US pending home sales data , FOMC statement , Federal interest rate decision .
Thursday : Japan monetary policy , US advance gdp quaterly numbers .
Friday : Canada’s GDP numbers , US personal spending numbers .
Weekly gold forecast conclusion : Trend is flat for this week . Major data and other daily support resistance will decide its intraday trend .
More will update in daily gold forecast update