Weekly gold trading forecast
Last week gold ( xauusd ) prices followed our trail and it kept cracking slowly from our selling points . But later just before closing it fired from 1326$ till 1337$ and gave a shocker on closing . Most of the upmove came due to brewing Turkey coup . Remember Turkey is a NATO country and it holds pretty good repo in NATO . But as we have heard Turkey coup matter has been solved and even key military officer has been arrested by Turkey’s goverment . So this matter seems to be solved for now . But we need to see how market reacts on opening this monday .
Technical levels for this week would be 1373$ for gold . This weekly resistance has good solid power to hold bears for sometime . However if traders break this major weekly resistance and manage to close above our hurdle this week . Then expect more power to buyers upto 1400$ – 1433$ this upcoming week .
A good support on weekly gold chart stands at 1317$ . If traders break this major support level and manage to close beneath our support this week . Then expect more power to sellers upto 1290$ – 1261$ this upcoming week .
Weekly gold forecast conclusion : Xauusd trend is flat to weak for upcoming week . Watch key levels for intraday trade in our daily update .
More will update in our daily price forecast .