Weekly Gold forecast
Comex gold price crashed last week and tested 1302$ but finally it recovered and closed above 1320$ gaining good momentum in some last trading hours . A good support on xauusd chart stands at 1298$ , if traders tank this base and manage to close below our support . Then expect more pressure in gold price upto 1270$ – 1250$ .
A good resistance on xauusd chart stands at 1345$ , if traders take this hurdle out and manage to close above our resistance , then expect good recovery in gold price upto 1366$ – 1392$ .
We have Non farm payroll data with ECB monetary policy stay cautious as these are major events and will impact gold prices .
Weekly Gold forecast conclusion : Comex gold trend is flat to positive for upcoming week .
Dow Jones forecast
Dow Jones tested 24500 and closed almost at lowest point of the week , signaling more weakness ahead this week . A good base on wall street chart stands at 24100 , if traders take this base out and manage to close below our support . Then expect more pressure in Dow Jones upto 23800 – 23520 .
A good hurdle on DJIA chart stands at 24830 , if traders take this hurdle out and manage to close above our resistance , then expect some recovery in wall street upto 25050 – 25300 .
Dow Jones forecast conclusion : Wall Street trend is weak .
Crude oil forecast
WTI crude oil prices tested near 60$ last week but recovered smartly and closed near 61.60$ . A good base on this major commodity stands at 59.80$ , if traders take this base out and manage to close below our support . Then expect more pressure in crude oil price upto 57$ – 55$ .
A good hurdle on crude oil chart stands at 62.50$ , if traders take this hurdle out and manage to close above our resistance . Then expect more firepower in oil prices upto 64.80$ – 68$ .
Crude oil forecast conclusion : Crude oil trend is flat to positive .
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