Weekly Gold trading forecast
Gold ( xauusd ) price cracked further last week as it tested 1161$ . Later it came back and tested 1180$ . Finally it closed at 1177$ giving a good hint that next week could belong to buyers . This week we have a good major resistance on weekly chart at 1208$ . Once traders break this major hurdle and manage to close above our resistance this week . Then expect gold prices to test upto 1231$ – 1266$ upcoming week .
A good support on weekly chart stands at 1148$ . Once traders take this support out and manage to close beneath our support this week . Then expect gold price to get bear round two till 1120$ – 1100$ and even more lower levels not ruled out .
This week market may show some trend reversal so stay very cautious if you are on selling side . Its wise not to sell on these levels and wait for dips to buy this precious metal .
Weekly gold forecast conclusion : Even though market trend on chart is showing negative for upcoming week . But last night movement has given a hint for limited downside in metal prices . So do not sell big qty and keep an eye on daily levels .
More will update in daily forecast update .