Weekly gold forecast
Gold ( xauusd ) price traded in small range last week . Most of the times it was trading between 1270$ till 1250$ . Finally it closed till 1273$ . A good resistance on weekly gold chart stands at 1308$ . If precious metal break this hurdle and manage to close above our hurdle this week . Then expect this commodity to zoom upto 1340$ – 1375$ .
A good support on weekly gold chart at 1240$ . If traders break this major weekly support and manage to close beneath this support . Then expect this precious metal to correct upto 1210$ – 1180$ this week .
We have some major economic event this week which would affect this precious metal price . Here is list which could effect the fate this upcoming week .
Monday : Empire state manufacturing index .
Tuesday : Australian Monetary policy , US building permits , US CPI , US core CPI , US industrial production
Wednesday : UK avg earning index , UK unemployment rate , Crude oil inventories , FOMC meeting minutes .
Thursday : UK retail sales , Philly fed manufacturing index , US unemployment claims
Friday : US existing home sales .
These major events would effect xauusd price this week .
Weekly gold forecast conclusion : Trend is weak for upcoming week . Avoid major buying without any stoploss .
More will update in daily forecast update .