Weekly gold trading forecast
Gold ( xauusd ) price crashed badly last week . We had our positional sell from 1323$ and we booked sweet profits of more than 300 pips in our positional trade . It crashed further and tested below 1250$ last week . It made low at 1241$ and finally settled above 1255$ . This week we have a major weekly support at 1220$ . If traders break this major support and manage to close beneath our support . Then expect this precious metal to test below 1200$ and 1170$ this upcoming week .
A good weekly resistance stands on gold chart at 1291$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to test upto 1320$ – 1351$ this week .
Weekly gold forecast conclusion : Trend is in bears favor . So avoid any major buying till market reverse . Keep an eye on daily levels it will determine the trend reversal .
We have Fed minutes again this week . So stay cautious .
More will update in daily trend update .