weekly gold forecast
Last week gold took off against technical trend . In our last week forecast we already mentioned it that it could look weak on technical chart but we dont bet on sell side . We already discussed how manuplators used low volumes to shift xauusd trend from positive to negative in last week of 2015 .
Last week gold favored buyers and it fired from 1060$ till 1111$ , complete 50$ range . Our buy signal fetched us 30$ from 1073$ till 1103$ . It gave close of 1104$ . This week xauusd price has to break 1148$ and manage to close above this hurdle to climb upto 1190$ – 1231$ .
A good support on gold chart stands at 1080$ . Once xauusd price break this support and manage to sustain beneath this level . Then expect xauusd to correct upto 1060$ – 1030$ and even more pain after that not ruled out .
weekly gold forecast conclusion : Trend is still no doubt in favor of buyers but stay cautious on higher levels as silver did not performed at all .
Last week chinese markets contributed a lot in gold prices movement . So it would be crucial when china release its trade balance data this wednesday . Other major data which could effect xauusd price are following .
Thursday : UK’s monetary policy , UK interest rate update , US unemployment claims ,
Friday : US core retail sales m/m , US PPI m/m , US retail sales m/m , US prelim Uom consumer sentiment .
More will update in daily forecast update