Weekly gold trading forecast
This week gold ( xauusd ) prices started with lower range of 1330$ then it fired upto 1357$ and then came back in 1330$ zone . It finally settled at 1336$ . It gave a small spike after bad US core retail sales data and fired approx 17-18$ within hours last friday . But as market absorbed the effect of data it start cracking hard and lost approx 20$ within hours only . This moved fuled our view on weak side for this precious metal .
This week gold chart suggests a good support at 1308$ . If traders manage to break this major base level and close below our support . Then expect bears to take charge once again in this precious metal upto 1280$ – 1251$ this upcoming week .
A good resistance on weekly gold chart stands at 1370$ . If traders break this major hurdle and manage to close above our weekly resistance . Then expect this precious metal to support buyers upto 1400$ – 1431$ this upcoming week .
Weekly gold forecast conclusion : Xauusd trend is weak for this week . Keep an eye on daily intraday levels for more update during trading hours . Major trend will be decide during intraday trading . So intraday levels are also important even if you are trading in positional signals .
More will update in daily forecast update .