Weekly Gold forecast
Gold price recovered from 1281$ to 1307$ last week, Gold price fired after a major sell off that came last week. It plunged more than 25$ in a single day and reversed the trend on monthly chart at very same day from positive to negative. However gold price traded with flat to positive biased this week and jumped beautifully from 1288$ to 1307$ in two trading sessions. Other factors like weak US unemployment claims data and President Trump cancelling meet with North Korean lead Kim also boosted gold prices.
Trump dropping from meet opened door again to hostile North Korea and it may lead to tensions between North Korea and US once again. Global tensions could fuel gold prices in upcoming days again so keep an eye on Korea’s matter when trading in precious metals.
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Now our technical gold chart suggests a good resistance at 1317$ but considering global tensions and dollar index volatile nature nowdays we will have to give 7-8$ discount in this chart. So a good resistance now stands at 1325$, If traders break this resistance and manage to close above our resistance. Then expect good rise in gold price upto 1351$- 1375$. Main outbreak in price should come once market give a close above 1375$. We should march towards a long term upside above 1375$ till 1450$ and 1500$.
A good support on gold chart stands at 1280$-1275$, If traders tank this support and manage to close below our support. Then expect good sell off in gold again upto 1251$- 1230$.
Gold forecast conclusion: We gave plethora of data this week ( Data updated in last ). Which will be major driver of gold prices. On technical chart and counting all fundamental reasons such as renewed tensions between US and North Korea points out a positive week for gold buyers.
Silver support stands at 15.90$, Resistance at 16.80$. Trend is flat to positive.
Crude oil forecast
WTI Crude oil prices fired above 72.50$ and gave a major reversal. Oil prices crashed from 72.60$ to 67.50$ within 2 days. Crash came after US inventories rose from -1.4M to 5.8M. Massive rise in inventories causes this sell off. Last week in our newsletter ( read here ) we mentioned a major support on crude oil at 67.50$, It crashed and tested that same level but did not close below 67.50$.
Now a good support on our crude oil chart stands at 66.70$, If traders break this support and manage to close below our support. Then expect more pressure in oil prices upto 64$- 62$ this week.
A good hurdle on crude oil chart stands at 70.20$, If traders break this hurdle and manage to close above our resistance. Then expect good rise in oil prices upto 72.30$- 74.90$.
Crude oil forecast conclusion: Last week sell off turned trend from positive to negative. So avoid major buy and keep an eye on intraday levels to trade.
Dow Jones Index forecast
Dow Index traded flat last week and could not go anywhere. Market was stand still as it traded in 400 points range from 25000 to 24600 entire week. This week we have a good support on Dow Jones Index chart at 24450, If traders tank this support and manage to close below our support. Then expect good selling in wall street upto 24100- 23700 this week.
A good hurdle on Dow Jones index chart at 25120, If traders break this resistance and manage to close above our resistance. Then expect good rise in Wall Street upto 25400- 25700.
Dow Jones Index forecast conclusion: Dow Jones trend is flat to weak for upcoming week. Follow daily levels to take a trade in this major Indices.
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Major data this week.
Tuesday: CB consumer confidence (US)
Wednesday: ADP Non farm employment change, Prelim US GDP.
Thursday: China’s Manufacturing, Non manufacturing PMI, US crude oil inventories, Personal spending & Unemployment claims.
Friday: US monthly avg hourly earnings, Non farm employment rate ( Most important ), US unemployment rate.