XAUUSD Weekly Forecast May 19 2014

The XAUUSD  maintained a bearish momentum few weeks ago , topped at the 1315  levels , and bottomed at the 1285  levels .Now pressure will be on the key support 1285….

The XAUUSD  will have to hold below the 1285  levels on a weekly closing basis to push the market for further downside losses , If seen , It will target the the 1255  levels , a halt is likely , but losing the 1255  levels on a weekly basis will open 1218  levels, further downside will aim the 1178  levels.

Alternatively ,  a failure to hold below the 1285  levels on a weekly closing basis could mean a return to the 1300 levels ahead of the 1315 ( main) , a halt is suggested , but break of 1315  on a weekly basis will recapture the 1331  levels , If this resistance is taken out , expect the pair to strengthen further towards the 1354/1392  levels..

In all, as long as resistance 1315  holds on a weekly closing basis , outlook in XAUUSD  remains on the downside towards the 1255  levels  ahead of the 1218  levels. Break of the 1315   levels on a weekly basis will reverse risks towards the 1331/1355  levels..

XAUUSD Weekly Forecast May 19 2014

MARKET DATA

UPCOMING ECONOMIC EVENTS