Weekly Gold forecast
Comex gold price tanked after a major breakout of 1355$ , It could not hold on higher levels and tested 1320$ after a major crash . Xauusd could not sustain as dollar index recovered from lows . Finally gold price settled at 1329$ giving a weak close . A good support on xauusd chart stands at 1300$ , if traders take this base out and manage to close below our support . Then expect more pressure in gold price upto 1276$ – 1251$ .
A good resistance on xauusd chart stands at 1348$ , if traders take this hurdle out and manage to close above our resistance , then expect more firepower in gold price upto 1370$ – 1393$ .
Gold forecast conclusion : This week gold trend is weak , watch out daily levels to trade .
Dollar Index analysis
Dollar Index ( DXY ) recovered almost from 88 level and closed nearly 90 . This main recovery caused gold prices to crashed from its peak . Half recovery in dollar came due to short covering . This week we have a hurdle on dollar basket stands at 90.20$ , if traders take this hurdle out and manage to close above our resistance . Then expect more firepower in dollar upto 90.70 – 91 .
A good base on dollar basket stands at 89.30 , if traders take this base out and manage to close below this support . Then expect good pressure in dollar upto 89 – 88.70 .
Dollar Index analysis conclusion : Dollar trend is positive for upcoming week .
Crude oil forecast
WTI Crude oil fired once again and climbed near 65$ and closed around 63.50$ . A good base on US crude oil stands at 59.80$ , if traders tank this base out and manage to close below our support . Then expect more pressure in crude oil upto 56$ – 53$ .
A good hurdle on crude oil stands at 66$ , if traders take this hurdle out and manage to close above our resistance . Then expect more firepower in this major commodity upto 69$ – 72$ .
Crude oil forecast conclusion : Crude oil trend is positive for upcoming week .
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