Gold technical analysis this week
Gold ( xauusd ) prices were already weak last week . Highest point for gold was 1142$ when it opened on monday . Lowest point was 1085$ . It closed around 1089$ loosing 50$ last week . Xauusd were running in 1108$ zone when Non Farm payroll data and US Unemployment numbers came . Both numbers came better than expected and it gave a reason for bears to hammer gold again from 1108$ till 1085$ .
Next week there is Mortgage Delinquencies data and Core Retail sales and PPI . While last two are more important according to experts . I find Mortgage Delinquencies more important as they give you a glimpse how is housing markets are doing . How people are paying their EMI on housing loan . Housing loan is one of the most important factor to judge the overall economy according to me .
This week gold prices has a weekly resistance at 1118$ once comex market break this and close above this resistance level then expect market to zoom upto 1148$ – 1188$ .
If comex gold prices break weekly support at 1065$ and close beneath this support level then expect bears to have party upto 1030$ – 1000$ this week .
Gold analysis this week conclusion : Gold trend is weak for now . So avoid any major buying trade .
More will update in daily gold price forecast