weekly gold forecast
Gold ( xauusd ) price continued its bull run . Remember since 3 weeks and since 1100$ we are writing continously its positive . Our positional signals fetched handsome profits last week from 1102$ till 1140$ . It closed at highly positive note at 1173$ . Last week gold tried to dive into negative zone but it keep reverting from edges .
This week would be crucial and we may face some difficulty to calculate the move as china’s markets are close for whole week . However mortgage delinquencies would also be coming this week from US . I consider this data very crucial as it give hints about housing market in US .
A good weekly resistance on gold chart at 1208$ . If traders manage to pull this hurdle and close above our resistance . Then expect xauusd to fire upto 1231$ – 1265$ this week .
A good support on weekly gold chart at 1147$ . If traders manage to break this support and close beneath this support . Then expect some consolidation in gold price upto 1120$ -1100$ this week .
Some major data this week which could effect xauusd price this week are following .
Monday : US labor market conditions index .
Tuesday : China’s unemployment rate , Jolts Job openings .
Wednesday : Fed chairman yellen speech , Crude oil inventories .
Thursday : Fed chairman yellen testifies , US unemployment claims .
Friday : US retail sales number , US prelim Uom consumer sentiment .
Weekly gold forecast conclusion : China is close for entire week so we wont be facing its equity market’s volatility . Trend is positive for this week but stay cautious on higher levels .
More will update to our trading signal subscribers .