weekly gold forecast
Last week gold ( xauusd ) prices tested our main hurdle of 1128$ . It just made high of 1128$ and then started consolidating . It finally gave a positive close of 1118$ . Major numbers from US gdp could not lift it up but it did not crashed it as well despite major recovery in dollar index and world equity markets last friday .
In first week of february we have major data from china this monday . Will update this later in this post . A good support on weekly gold chart stands at 1098$ . If traders manage to break this support and close beneath our weekly support . Then expect market to support sellers upto 1080$ – 1065$ this week .
A good resistance on weekly gold chart at 1131$ . Once traders break this and manage to close above this major hurdle . Then expect market to zoom upto 1152$ – 1180$ this week .
We have major data this very first week of february . Lets have a look on major data which could impact gold .
Monday : China Manufacturing data , UK manufacturing data , US ISM manufacturing data , ECB president speech .
Tuesday : Australia’s interest rate decision .
Wednesday : Bank of Japan governer speech , US ADP non farm employment change , US ISM non manufacturing PMI , Crude oil inventories .
Thursday : Bank of England Monetary policy , Bank of England interest rate decision , US unemployment claims .
Friday : US Average hourly earning m/m , US non farm employment change , US unemployment claims .
Weekly gold forecast update : So this is action packed first week of february . Gold could get big swings this week . So stay cautious . As mentioned in our silver price forecast , Dollar Index is major concern in upcoming weeks. It reversal from 88 could cause major issue in upcoming weeks. Equity markets are also supporting strong dollar which could cause panic in precious metals.
Keep an eye on Dollar to determine the trend of bullion market. If Dollar keep getting stronger then we may well start major selling in precious metals.
More will update in daily price forecast update .
This post is edited at July 24, 2018.