Gold Price & Weekly Forecast

Gold hit 3-week highs on last Friday, notching its best weekly gain since May, after Powell failed to give a clear timetable for tapering U.S. stimulus spending at the central banks much-anticipated Jackson Hole monetary policy symposium.

Consequently, the dollar index DXY, which measures the greenback's performance against a basket of six major currencies, fell 0.39% to 92.6760, subsequently supporting the precious metals.

Gold prices squeezed out the shorts through $1,810 stops to the upside and scored a high of $1,819.22.

The price in Asia's open has scored a fresh high of $1,19.70 so far on Monday.

Technically, gold has pierced a daily trendline resistance. DXY bulls needed to see the weekly close above 93.50 but have been denied. A drop to test the counter trendline should fuel a bud on gold and a break below it opens even more upside potential for the yellow metal. Bulls now eye the end of July highs of 1,834 as the next target.

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