Weekly gold forecast
Gold ( xauusd ) price fired last week and we cashed its complete run from 1238$ till 1269$ . We initiated our positional buy and made good profits from this run . Finally it closed at 1273$ . This week it has a resistance at 1291$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to fire upto 1328$ – 1356$ this week .
A good support on weekly gold chart stands at 1248$ . If traders break this major weekly support and manage to close beneath our support today . Then expect this precious metal to test upto 1210$ – 1170$ this week .
We have some major data this week which could effect gold prices . Here are major event for this week .
Monday : China’s yearly industrial production figure .
Tuesday : UK CPI , US core retail sales , US retail sales .
Wednesday : UK avg earning index , UK unemployment rate , US monthly PPI , Empire state manufacturing index , US industrial production , Crude oil inventories , FOMC statement , FOMC interest rate decision .
Thursday : Japan monetary policy , UK retail sales , UK monetary policy , US monthly CPI , US monthly core CPI , Philly fed manufacturing index , US unemployment claims .
Friday : US building permits , ECB president speech .
These are major events for next week . FOMC and China’s industrial production would be most influential among all other data .
Weekly gold forecast conclusion : Gold trend is positive for upcoming week .
More will update in daily forecast update .