Weekly Gold forecast
Last week gold prices ( xauusd ) had a roller coaster as it tested beloe 1230$ then after fed decision not to cut interest rate but reduce their interest hikes from 4 to 2 for this year made a firing move in gold prices as it tested 1270$ . It could not sustain on higher levels and then it tested 1248$ . Finally it closed at 1255$ .
This week gold prices has a weekly support on chart at 1237$ . If traders break this major weekly support and manage to close beneath this level . Then expect xauusd to crack upto 1207$ – 1177$ this week .
A good resistance on weekly gold chart at 1271$ . If traders steer prices in this direction and manage to close above our weekly resistance . Then expect 1300$ -1331$ this week in xauusd prices .
We have some major economic event this week which could effect xauusd prices . Here are list of our economic events .
Monday : US existing home sales data .
Tuesday : UK CPI .
Wednesday : Crude oil inventories , US Home sales .
Thursday : UK retail sales , US core durable goods orders , US unemployment claims .
Friday : US final gdp numbers . This is event of the week so stay cautious when this release and do not take bulk position before data .
weekly gold forecast conclusion : Trend is flat to positive for now . But fresh buying should be initiated only above our weekly hurdle .
More will update in daily forecast update .