Last week we had a major event Fed meeting on interest rate which came as usual boring with no change and we seen Employment cost index was almost zero and many Fed officers gave statement that they are not comfortable with a interest rate hike from september but last week Fed chairman ” Jannet L . Yellen ” did’nt held any press conference and interest rate news came as a statement only this clearly indicate that we may see a rate hike most probably next month or in between , Gold price made high of 1104$ after fed statement and retraced back from there completing a double top pattern on charts , US GDP numbers came better than previous but lower than expectations which kinda puzzled the traders and gold remained flat despite major GDP numbers .
Now if gold prices click our weekly technical resistance at 1128$ and close above our major weekly hurdle then expect rates to zoom upto 1149$ – 1170$ this week
If gold price click our weekly technical support at 1065$ and manage to close beneath our weekly base support then expect gold to give an another round of correction upto 1030$ – 1000$ this week
Gold weekly report conclusion : Gold prices are looking weak on positional chart for now
More will update in daily gold forecast