Weekly gold forecast
Gold ( xauusd ) price crashed from peak of 1353$ . It kept loosing its gains day by day slowly . Finally it closed on almost lowest point of the week at 1328$ . It lost almost 25$ from its peak of 1353$ . Xauusd started good last week as it gained approx 23-25$ but then crashed came and it lost all week gains in single trading session . It did not crashed like silver which lost more than 1$ from its peak .
This week gold has a weekly resistance at 1356$ . If traders break this major hurdle and manage to close above our hurdle this week . Then expect buyers to take charge once again upto 1390$ – 1426$ this upcoming week .
A good weekly support on gold chart stands at 1298$ . If traders break this major base level and manage to close beneath our support this week . Then expect this precious metal to favor sellers upto 1270$ – 1244$ this upcoming week .
This week again we have ECB chairman Mario Draghi speech and UK ‘s central bank decision on interest rate . So stay cautious .
Weekly gold forecast conclusion : Xauusd trend is flat to positive for upcoming week . Keep an eye on daily levels for intraday trend update .
More will update in daily forecast update .