Weekly gold trading forecast
Gold ( xauusd ) price gave a cracking move in last few days of the week . It crashed from 1330$ till 1310$ . It tested 1306$ and closed at 1310$ . This week gold chart suggests a good weekly resistance at 1341$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to test upto 1370$ – 1401$ this upcoming week .
A good support on weekly gold chart suggests a level of 1288$ . If traders break this major base level and manage to close beneath our support this week . Then expect this precious metal to test upto 1260$ – 1230$ this upcoming week .
Last week xauusd prices finally bend towards bears but this time silver did not gave any inch away and it traded in a narrow range . If it remained higher then it could hamper any chance of xauusd prices going down . So keep an eye on xagusd market levels too when trading with this precious metal .
Weekly gold forecast conclusion : Xauusd trend is weak for upcoming week .
Upcoming week is monetary policy week . We have Australia , Japan and US monetary policy . It would be crucial to see what Fed has to say about interest rate or they give any hike on interest rate . So do not trade big near major monetary policies .
More will update in daily forecast update .