Weekly gold trading forecast
Last week gold ( xauusd ) took off and tested 1367$ after UK decided to cut interest rate from 0.50% to 0.25% . But after US non farm payroll better than expected data it melted like ice and crashed from 1367$ till 1335$ within hours only . It closed on lowest point of the week at 1335$ which is a bit concern for buyers . Last week was a zig zag for metal traders as even silver gave a very wild move after US data .
This week we have a good weekly resistance on chart at 1371$ . If traders this major hurdle out and manage to close above our weekly resistance . Then expect more power to buyers upto 1404$ – 1437$ this upcoming week .
A good support on weekly gold chart stands at 1308$ . This is one of the support which could be trend changer . If traders break this major weekly support and manage to close beneath our support this week . Then expect weakness in this major metal upto 1280$ – 1251$ this upcoming week .
Weekly gold forecast conclusion : Gold trend is still in positive zone but keep a caution note while going for bulk buying . Keep a watch on intraday support and resistance .
More will be updating in daily forecast update .