weekly gold trend update

Gold xauusd weekly forecast

Gold xauusd weekly forecast

Last week XAUUSD ( Gold ) prices crash on week’s last trading day on strong US data before friday gold was trading range bound but friday data triggered a big crash in gold and it closed below 1170$ , now if gold price click our weekly technical support of 1120$ and manage to close below this trading support then expect gold prices to correct upto 1080$ – 1040$ this week .

Before breakout below 1190$ gold prices were trading firm and in positive zone last week but since its already broke out we cant forecast a positive gold scenario for now but still a weekly resistance in gold price at 1210$ , this is level which gold could not cross last week and 2-3 times gold made high near this level and retraced back , so this week if gold price click this weekly resistance and manage to close above our daily resistance then expect gold to race upto 1249$ – 1291$ .

Gold weekly trend conclusion : Gold trend may remain weak this week .

More will update in daily gold forecast


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About mohdarafat

Technical analyst by profession deals in commodities, forex markets

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