weekly gold forecast
Weekly gold forecast for this week will be focus on ECB . Last week gold price were trading in bear zone whole week . It was cementing its bearish trend till friday . Friday we had ECB interest rate decision . Ecb cut interest rate and it gave a major pull back to euro . Dollar crashed after interest rate cut and it backed gold prices from 1066$ to 1088$ within hours . Now keeping money in european bank will cost you unlike other banks which give interest on money .
weekly gold forecast chart turned from negative to positive in this rally and now crucial resistance on chart at 1095$ . If market manage to break this weekly resistance and close above thus hurdle then expect market to favor buyers upto 1128$ – 1168$ .
Gold chart has a major support now at 1045$ . If market break this weekly support and manage to close beneath this level then expect bears time again upto 1005$ – 970$ in prices .
weekly gold forecast conclusion : Trend is in favor of buyers first time . But weekly resistance is still 7-8$ away from last friday closing . So do not initiate any buy till our weekly resistance is intact .
More will update in daily gold forecast update . Weekly gold forecast is for positional traders . Intraday update would be in daily gold forecast .
To get our trading signals details
write us at
or dial us at
+91-9920315014
You may also whatsapp on above number for our trading signal service details .