Weekly gold forecast
Gol ( xauusd ) price continued its dream run and tested 1264$ just near our weekly resistance of 1266$ . However it could not sustain on higher levels and retracted back . It closed at 1238$ . It almost lost 28-30$ from its highest level in last 2days . A good support on weekly gold chart at 1200$ . If traders manage to break this support and close beneath our support . Then expect market to support bears upto 1170$- 1140$ this week .
A good resistance on weekly gold chart a 1266$ . If traders manage to break this hurdle and manage to close above our weekly hurdle . Then expect xauusd to fire more upto 1291$ – 1327$ this week .
We have some major data this week which could effect gold price this week . Here are major list of economic data .
Monday : Japan GDP numbers , China’s trade balance number
Tuesday : Australia Monetary policy , UK CPI data , Empire state manufacturing data .
Wednesday : US building permits , Fomc minutes .
Thursday : China employment numbers , US unemployment claims , Crude oil inventory .
Friday : US CPI .
Above are major economic data which could effect xauusd price .
Gold weekly forecast conclusion : Trend is positive for this week but stay cautious on higher levels .
More will update in daily forecast update .