XAUUSD Weekly Forecast May 05 2014

Outlook in XAUUSD remains neutral with risk to the upside, resistance comes at the 1305 levels, sustained trading above this level would open  1335 (main), a clear break above this level will call for a run towards the  1360 levels , further upside will aim the 1382 levels….

On the downside ,stability below the  1300 levels could mean a return to the 1275 levels , a break would open 1267 levels , below this level will look for the 1240 levels , further downside will aim the 1331 levels…

In all , as long as support 1275 holds on a weekly basis , outlook in XAUUSD remains to the upside towards the 1300/1335  levels and possible higher , below 1375 will reverse risks towards the 1267/1240 levels .

XAUUSD Weekly Forecast May 05 2014