weekly gold forecast
Gold price ( xauusd ) tested 1260$ last week . But it could not sustain on higher levels and gave a consolidation . Last friday it tested 1225$ zone . It gave final close at 1233$ . A good support on weekly chart stands at 1198$ . If xauusd break this major support and manage to close beneath our support level . Then expect some correction this week upto 1165$ – 1130$ .
A good resistance on weekly gold chart stands at 1272$ . If traders break this hurdle and manage to close above our resistance . Then expect gold to zoom upto 1300$ – 1331$ this week .
We have some major economic event this week . Here is the list of major event this week .
Tuesday : US building permits
Wednesday : UK Avg earning index , US existing home sales , US crude oil inventories .
Thursday : UK retail sales , ECB press conference , Euro interest rate , US unemployment claims , US phily manufacturing index .
Gold forecast weekly update : Trend is flat to weak for now .
More will update in daily forecast update . Keep an eye on 1207$ as well it would be a major daily support on daily chart . If xauusd slips below this then 1198$ should not be far if this level wash away by traders .