Weekly Gold forecast
Gold ( xauusd ) price crashed badly last week . It fired till 1320$ after Trump elected president of US . Then buyers realized it fired too much and market started cracking from 1320$ . It cracked vertically from 1320$ till 1218$ within days . We enjoyed this crash as our sell signal initiated at 1257$ and we booked profits at 1224$ . It finally closed near 1226$-1227$ . A good hurdle on weekly chart stands at 1261$ . Once traders break this major hurdle and manage to close above our resistance . Then expect some power to test 1290$ – 1320$ in gold prices .
A good support on weekly chart stands at 1190$ . Once traders break this major support and manage to close beneath our support this week . Then expect more power to sellers upto 1160$ – 1130$ this week .
This week we have Fed chairman Yellen speech and ECB chairman Mario speech . Main focus would be newly elected US president . How world gonna move after new president takes the office .
Weekly gold forecast conclusion : Xauusd trend is weak for now .
More will update in daily forecast update .