weekly gold trend
Last week gold prices extended its bear trend and tested new lows . Last week gold highest point was 1095$ . Gold lowest point was 1074$ . Weekly gold trend for upcoming week should be extended bear phase which gold prices may face . Gold rate has good resistance this week at 1108$ once market break this and close above this weekly resistance then expect market to fire upto 1138$ – 1168$ this week .
Last week gold hit five year low on fed roller coaster . Gold dropped from 1090$ to 1074$ after Fed chairman Jannet Yellen statement last week . If gold price break our weekly gold support at 1048$ and close beneath our weekly gold support then expect market to correct upto 1018$ – 980$ and even more correction in gold not ruled out . Fed is clearly hinting to hike rate in december and markets are feeling pressure .
Wall street also fell from 17900 odd levels to 17200 levels . Wallstreet ( Dowjones index ) lost its major gain last week and fell 700 points . Despite better data it could not sustain on higher levels and its falling with gold prices continously . Dowjones may find more pressure this week and gold may react once again on this . So keep an eye on wallstreet along with gold .
Japan Monetary policy next week may play a big role to decide trend of gold next week . If japan try to push its economy further then it could be danger as japan already trying to revive its economy since 2-3 years by keeping interest rate on historic lows .
This week we have major data which may decide gold fate . Here is the list of all data .
Monday : GDP Numbers Japan .
Tuesday : US Core CPI , CPI and Industrial Production m/m .
Wednesday : US Building permits and FOMC minutes .
Thursday : Japan Monetary Policy , US Unemployment claims .
Weekly gold trend conclusion : Weekly gold trend is weak so avoid any buy trade for now .