Gold prices fired last week on weak dollar and weak world equity markets , Gold almost closed on highest level of the week and its a sign of power which it showed throughout the week , no weak spot no small correction just a full fledge bull run in gold it could have corrected a bit if oil prices were not going down but every single factor was in favour of gold and it consumed it well as it gained nearly 4.5% last week , now if gold price click our weekly resistance at 1191$ and close above our weekly gold resistance then expect gold to fire upto 1218$ – 1249$ this week
Gold has not gave any weak moment in last 4-5 trading sessions and its firing continously from 1080$ range so its a bit over bought for now so one need to stay cautious if you are looking for a fresh buying a good support in gold at 1124$ once market break this and close below our weekly gold support then expect gold rate to tank upto 1108$ – 1081$ this week
Weekly gold forecast conclusion : Overall gold trend is positive but take a small caution if pursuing a fresh buy
More will update in daily gold forecast