Weekly gold trading forecast
Last week gold ( xauusd ) price crashed even more , extending its losses more than 100$ from its peak of 1322$ which came after US selected Mr . Trump 45th president of the United States . It crashed almost vertically as it keep falling without giving any respite to buyers . It tested 1202$ and closed near 1208$ last week .
This week it has a good resistance on chart at 1233$ . Once traders kick this resistance out and manage to close above our resistance this week . Then expect gold prices to give a breather to buyers upto 1266$ – 1291$ this week .
A good support on weekly chart stands at 1180$ . Once traders break this major level and manage to close beneath our support this week . Then expect more weakness in gold prices upto 1155$ – 1122$ this week .
Weekly gold forecast conclusion : This week we have Fed meeting minutes so it would be very crucial how Fed sounds on future aspects of market . Xauusd trend is weak for upcoming week so avoid taking any buy position in bulk without any stoploss . Keep an eye on daily levels for support and resistance for the day . Market should be gearing up for Fomc statement .
More will update in daily forecast update .