Weekly gold trading trend
Last week we had 3 monetary policy and gold prices moved according to them . After fed decided not to change interest rate as usual . It got a hint and market fired from 1317$ till 1340$+ . Friday market came back in sense and silver lost almost half of its fed gains and xauusd traded flat .
This week we have a good weekly support at 1307$ . If traders break this major base level and manage to close beneath our weekly support . Then expect gold prices to test upto 1280$ – 1250$ and even more lows not ruled out this week .
A good resistance on weekly chart stands at 1372$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect gold prices to fire upto 1400$ – 1431$ this upcoming week .
Last week we had monetary policy week . This is speech and gdp numbers week . We have major GDP numbers from UK and US . So stay cautious .
Weekly gold trend conclusion : Xauusd trend is positive for upcoming week . But keep an eye on intraday levels too . Trend might change again as we have major GDP numbers . We have Fed and ECB chairman speech too . So stay cautious .
More will update in daily forecast trend update .