Weekly Gold price forecast

Comex gold price crashed after making highs near 1356$ last week . Market seems resisting well above 1350$ and finding it expensive . This week we should see a fight to save 1300$ and once gold save this level then buyers should return, Intraday gold resistance stands at 1333$ , If traders manage to break this and sustain above our resistance then gold buyers should get good power and may test price upto 1340$ however a weekly resistance on gold chart stands at 1364$ . This level is very crucial as gold price has tested 1360$ zone twice and could not break this hurdle . Once gold price break this hurdle and manage to close above 1364$ then expect 1400$ – 1450$ and even more rise in this precious metals prices not ruled out .

A good support on weekly gold chart stands at 1298$, this is major support and should stay very solid as far as market is concern , but if this support is gone then gold price may nose dive upto 1270$ – 1250$ .

Weekly Gold price forecast conclusion : This week trend is flat to weak but we are not advising any sell as our medium term trend is buy . You may read our medium term post here

US Dollar forecast

US Dollar basket roared after making low of 88.53 on march 27th . It fired very quickly and recovered like nothing happened and closed above 89.50 signaling good strength ahead . However a good hurdle on dollar chart stands at 89.89 , If traders manage to break and sustain above this hurdle then expect dollar to test its medium term high of 90.49 . Above 90.49 its even more positive .

A good base now stands at 89.15 , if traders tank this base and manage to sustain trade below our support . Then expect good pressure in dollar again upto 88.80 – 88.55 . Below 88.50 more panic upto 88.10 – 87.70 not ruled out .

US Dollar forecast conclusion : Immediate intraday trend is positive but medium term stands negative till 90.49 is standing .

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More will update in daily forecast update .

By marafat