Weekly gold trading forecast
A good week came to an end . Last week we booked good profits from our positional signal . Our sell initiated at 1344$ and we took our profits at 1314$ . We fetched approx 300 pips from this positional trade which converts approx 3000$ per lot profit for our subscribers . It made low till 1310$ and gave a small bounce from there . Finally it closed at 1322$ .
This week weekly gold chart suggests a good support at 1298$ . If traders break this major support level and manage to close beneath this level . Then expect upper hand by sellers , they may drag this precious metal upto 1265$ – 1230$ this upcoming week .
A good resistance on weekly gold chart stands at 1356$ . If traders break this major hurdle and manage to close above our hurdle this week . Then expect buyers to enjoy more upside in this precious metal upto 1380$ – 1400$ and even more upside after 1400$ not ruled out .
Last week when market started it was coming from Turkey’s coup but fortunately it was solved by then . But still market uncertainity may haunt buyers or sellers anytime . So its better keep strict stoploss everytime and avoid those trades who might land your account in trouble with stoploss .
Weekly gold forecast conclusion : Gold trend is weak for upcoming week . But keep an eye on daily levels for intraday levels .
More will update in daily forecast update