Gold forecast this week
Last week gold prices ( xau/usd ) tested more highs and it achieved our positional gold signal target which was at 1185$ level and it gave final close at 1176$ doing exact same as we updated in our last week gold forecast . This week gold prices has a major hurdle at 1208$ once gold break this and close above our major resistance then expect gold to test upto 1246$ – 1270$ .
Last week US and other world economy faired pretty good and still gold fired with full guns and gave a positive close . A good support in gold prices comes at 1145$ once gold break this weekly support and close below this weekly support then expect market to correct upto 1105$ – 1070$ and even more .
Last week many US data came positive and even consumer confidence were up and came better than expectations but it did not help dollar index which kept making lows ,Dollar index started from odd 50 level last monday and it made low 45 during last week and ended at 47 . Good data and bad dollar index gave a good cocktail to gold and it resulted in good firing week for gold prices .
This upcoming week we have major data first is China’s GDP and industrial production this monday and then US unemployment claims at thursday . These major data would effect comex gold .
weekly gold forecast conclusion : Gold trend is positive so avoid major sell . But stay cautious as gold already fired from 1080$ to 1191$ in last 2-3 weeks .
More will update in daily gold forecast