weekly gold forecast
Gold ( xauusd ) prices fired last week from 1230$ till 1296$ . It fired with furious pace and butchered many sellers in 2-3 days bull run . It finally gave a close above 1290$ signally more power to buyer for next week . Gold chart shows a major hurdle this week at 1326$ . If traders break this weekly resistance and manage to close above our resistance this week . Then expect this precious metal to test more upside upto 1351$ – 1380$ this week .
A good weekly support on gold chart at 1260$ . If traders break this major support level and manage to close beneath our support then expect some correction in this precious commodity upto 1230$ – 1208$ this week .
This week we have major economic event which would effect gold prices . Lets take look some of major events this week .
Monday : ECB president speech , US ISM manufacturing PMI .
Tuesday : UK manufacturing PMI .
Wednesday : UK consutruction PMI , US ADP non farm employment change , ISM non manufacturing PMI , US factory orders , Crude oil inventories .
Thursday : UK services PMI , US unemployment claims .
Friday : US avg hourly earnings , US non farm employment change , US unemployment rate .
Weekly gold forecast conclusion : Trend is positive for this week . Do not try to sell in any upside before putting stoploss in your position .
More will update in daily forecast update . Watch daily levels for intraday trading