Weekly gold forecast
Last week gold ( xauusd ) price danced on news . First it fired after fed from 1275$ till 1313$ . Then one of important lawmaker shot dead in UK and it crashed almost 35-40$ . Then again it started rising and closed near 1300$ . While we had one major event fomc interest rate decision last week . This week we have Brexit vote result which is another crucial event in world market . It would determine if Britain would stay in europe or it will take an exit . Results will be announcing this week . So stay highly cautious .
A good resistance on weekly gold chart stands at 1326$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to test upto 1360$ – 1399$ this week .
A good support on weekly gold chart stands at 1260$ . If traders break this major support and manage to close beneath our support this week . Then expect this preciuos metal to crack upto 1230$ – 1200$ this upcoming week .
We have some major economic events this week which could effect xauusd prices this week . Here are major events .
Tuesday : German constitutional court ruling , Fed chairman speech .
Wednesday : Fed chairman speech , US existing home sales , Crude oil inventories .
Thursday : Brexit vote , US unemployment claims , US new home sales numbers .
Friday : US core durable goods order , US revised inflation expectations .
These are major data but Brexit would be most important this week .
Weekly gold forecast conclusion : Gold trend is positive for upcoming week .
More will update in daily forecast update