Weekly gold forecast
Last week gold ( xauusd ) price crashed from 1290$ odd zone till 1250$ . Finally it gave close at 1252$ . It crashed badly after fed statement came that it might hike interest rates in june . A good support on weekly gold chart stands at 1225$ . If traders break this major level and manage to close beneath our weekly support . Then expect bears to take charge in this precious metal upto 1200$ – 1170$ this week .
A good resistance on weekly gold chart stands at 1275$ . If traders break this hurdle and manage to close above our resistance this week . Then expect this commodity to zoom upto 1300$ – 1331$ this upcoming week .
We have some important data this week which could effect this metal prices . Here are major data list this week .
Monday : US flash manufacturing PMI .
Tuesday : US new home sales data .
Wednesday : US goods trade balance , Canada’s interest rate decision , US crude oil inventories .
Thursday : UK second estimate gdp , US core durable goods order , US unemployment claims , US pending home sales .
Friday : US prelim gdp , US revised consumer sentiment .
These data could effect this precious metal prices this week .
Weekly gold forecast conclusion : Trend is in favor of sellers . Avoid major buying .
More will update in daily forecast update .