Weekly gold trading forecast
Last week gold ( xauusd ) prices started on lower side when monday opened almost flat to lower around 1340$ . But whole week it remained in 1340$ to 1355$ range . But friday after Non farm payroll data and US unemployment rate it sinked till 1334$ but recovered quickly from there and erase all the red and closed in green at 1366$ . Still market is favoring buyers despite 130$ run from 1240$ odd level .
This week we have a major weekly resistance on gold chart at 1391$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to test upto 1428$ – 1460$ this upcoming week .
A good support on weekly gold chart stands at 1328$ . If traders break this major support level and manage to close beneath our support this week . Then expect this precious metal to test upto 1300$ – 1275$ this upcoming week .
Last week it remained in a small zone and it broke range only on friday after a major data update . So stay cautious and wait till our intraday levels breach before taking any major trade this upcoming week .
Weekly gold trading forecast conclusion : This week xauusd trend is still positive , so avoid any major selling till any of our intraday support breaks .
More will update in daily forecast update .