Weekly gold trading forecast
Last week gold ( xauusd ) prices traded in a small range and tested 1356-58$ zone twice in week . It tested 1337-35$ on lower side but it could not crash like silver . Silver prices crashed from 20.05$ till 19.25$ and gave very good zone to trade in intraday and both positional . But its not the case with xauusd . It kept trading in a small range and kept traders waiting for another breakout or breakdown . Last week was a very dull for traders as most of the times it stucked in 6-8$ range and just kept trading in that zone only .
This week weekly gold chart has a major resistance at 1371$ . If traders break this major resistance and manage to close above our hurdle this week . Then expect this precious metal to test upto 1402$ – 1433$ this upcoming week .
A good support on weekly gold chart stands at 1308$ . If traders break this major base level and manage to close beneath our base this week . Then expect bears to take charge upto 1280$ – 1251$ in this precious metals .
Weekly gold forecast conclusion : Xauusd trend is flat to weak for upcoming week . But keep an eye on intraday levels as trend might be clear in during trading hours .
More will update in daily forecast update .