weekly gold forecast
Gold prices crashed from 1108$ to 1071$ last week . Highest point was 1113$ and lowest point for gold price was 1071$ . We updated in our daily forecast update that 1108$ is a crucial hurdle . It proved absolutely correct . It did not close above our hurdle and despite bad world equity markets it could not fire and retraced back . It closed at 1088$ .
This week xauusd price has a weekly resistance at 1108$ , this is crucial level . If market break this level and manage to close above this resistance . Then expect xauusd to zoom upto 1131$ – 1166$ this week .
A good support on weekly gold chart at 1064$ . If bears manage to break this level and close below this major weekly support . Then expect xauusd to crash upto 1030$ – 1000$ today .
weekly gold forecast conclusion : Trend is flat to weak for now .
Major data which could effect precious metals trend this week are following :
Tuesday : China’s GDP numbers which would impact and guide world market for this week .
Wednesday : US building permits , CPI m/m , Core CPI m/m ,
Thursday : ECB press conference , US unemployment claims
More will update in daily forecast update