Weekly gold forecast
Last week gold price tested lower water till 1062$ . Lowest point was 1062$ . Highest point was 1086$ . Finally closed at 1074$ . This week we have major event . Fed may announce hike in interest rate . Market already discounted 0.25% interest rate . But still If fed decided to deepen the cut then it could be a problem . After interest rate statement . Fed chairman will testify . Her statement would be very crucial as she will give guidance on further interest rate which is on historic lows .
This week gold price has a good weekly resistance at 1100$ . If market break this and close above this weekly resistance then expect market to zoom upto 1128$ – 1161$ this week .
If gold price break our weekly chart support at 1048$ and close below this weekly support then expect market to enjoy another selling in xauusd upto 1020$ – 990$ this week .
Weekly gold forecast conclusion : Xauusdtrend is still in positive zone for now .
This week major event would be Fed interest rate . Other major data for upcoming week posted below .
Monday : ECB President speech .
Tuesday : Australia’s Monetary policy , UK CPI y/y , US CPI m/m , US Core CPI m/m
Wednesday : UK Avg earnings index , UK Unemployment rate , US Building permits , FOMC Statement , FOMC Interest rate announcement , FOMC press conference .
Thursday : US Unemployment claims
Friday : Japan Monetary policy
More will update during live market hours in our daily gold forecast update .