Weekly gold trading forecast
Last week gold ( xauusd ) prices finally tanked an we booked partial profits in our positional signal . Thanks to crash we were able to make approx 170 pips in our positional trade . Friday it tried to oppose the crash by giving a major spike till 1342$ near Fed chairman speech . But later it cooled off and settled at 1321$ . It gave a wild roller coaster ride to traders in last trading hours of the week .
This week gold chart suggests a major resistance at 1355$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to support bulls upto 1389$ – 1421$ this upcoming week .
A good support on weekly gold chart stands at 1287$ . If traders break this major base level and manage to close beneath our support this week . Then expect this precious metal to test upto 1251$ – 1220$ this upcoming week .
Weekly gold forecast conclusion : This week trend should remain in favor of bears .However intraday levels might change the trend during market hours . So its important with weekly levels you must keep an eye on intraday levels too .
More will update in daily forecast update