Weekly gold trading forecast
Gold ( Xauusd ) price fired last week and we enjoyed every bit of it . As we were in long side from 1260$ and we booked profits near 1290$ in our positional signals . Finally prices settled at 1303$ . A good hurdle on weekly chart stands at 1331$ . Once gold price break this level and traders manage to close above our resistance . Then expect this precious metal prices to fire upto 1355$ – 1391$ this week .
A good base level on gold chart stands at 1270$ . Once traders break this major support and manage to close beneath our support this week . Then expect xauusd prices to test upto 1240$ – 1210$ this week .
We have US presidential election and its result this week . Its gonna be a major event and it will have an major impact on precious metals prices . Keep an eye on details and result of the elections .
Gold forecast conclusion weekly : Xauusd trend is positive for upcoming week . But keep an eye on daily levels as we have some major events this week including US elections . Either Hilary clinton or Donald trump would be president of United States . It will change the entire dynamics of market . So lets wait for election results .
More will update in daily forecast update .