Weekly gold analysis
Last week gold ( xauusd ) prices crashed last week from 1260$ to 1212$ . We cashed it complete crash as we initiated a sell signal at 1259$ and we booked at 1220$ . It finally closed at 1217$ . This week gold chart shows a good resistance now at 1248$ . If price break this hurdle and manage to close above this weekly resistance . Then expect gold to zoom upto 1271$ – 1299$ this week .
Last week US gdp numbers came pretty solid and this could dump xauusd even harder . Weekly gold chart has a good basic support this week at 1188$ . If traders manage to break this support and close beneath this level . Then expect xauusd to correct upto 1158$ – 1125$ this week .
There are major economic event this week which could effect xauusd prices . Here are major event which would take place for main economoies around the world .
Monday : US core price index , US personal income data , US pending home sales .
Tuesday : Japan’s Unemployment rate , US consumer confidence .
Wednesday : ADP non farm employment change , US crude oil inventories .
Thursday : UK GDP numbers , US unemployment claims .
Friday : China’s manufacturing PMI , US non farm employment change , US unemployment rate , ISM manufacturing PMI /
So these are major events which could effect xauusd price this week .
Weekly gold analysis conclusion : Trend is weak for this week . Avoid any major buying without any strict stoploss . Keep an eye on chinese manufacturing data and UK’s gdp numbers . These would be major 2 events this week .
More will update in daily forecast update .