Weekly Gold trading forecast
Gold ( xauusd ) price cracked further last week after making highs near 1180$ . Due to good US equity markets which closed on lifetime high and made more lifetime highs last week , precious metals remain under pressure . Equity literally squeezed money out of metals due to its one of the great performance of year end . But US 30 already delivered great performance last week which puts a cautious note in equity market .
This week we have FED statement on interest rate and most of projections are in favor of a hike . No one can actually predict what FOMC has to say on interest rate or they actually gather some confidence to hike interest rate . This event will decide the next stage of gold and silver prices .
This week gold has a weekly resistance on chart at 1191$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect buyers to rejoice upto 1221$ – 1255$ upcoming week .
A good support on weekly chart stands at 1125$ . If traders break this major level and manage to close beneath our support this week . Then expect more power to bears upto 1100$ – 1075$ upcoming week .
Weekly gold forecast conclusion : Xauusd trend is weak but stay cautious as FOMC statement is due .
More will update in daily forecast update .