Weekly gold forecast
Gold ( xauusd ) price traded almost flat last week . It just tested 1268$ and then reverted back in 1290$ zone . Finally it closed at 1287$ . A good resistance on weekly gold chart stands at 1325$ . If traders break this hurdle and manage to close above our resistance then expect this precious metal to fire upto 1355$ – 1380$ this week .
A good support on weekly gold chart stands at 1250$ . If traders break this major support and manage to close beneath our support this week . Then expect this commodity to correct upto 1220$ – 1200$ this week .
We have some major economic data this week which might effect xauusd movement this week . Here is major data list of this week .
Monday : Japan Monetary policy minutes .
Tuesday : China CPI , China’s PPI , US mortgage delinquencies .
Wednesday : UK manufacturing production , Crude oil inventories .
Thursday : UK monetary policy , UK central bank interest rate decision , US unemployment claims .
Friday : US core retail sales , US PPI , US retail sales , Prelim Uom Consumer sentiment .
These are major economic data which would effect movement this week .
Weekly gold forecast conclusion : Trend is positive for upcoming week .
More will update in daily forecast update .