Gold: Uptrend expected to continue while it trades above 1929
|Tuesday Forecast
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 1929, which will be followed by reaching resistance level 1950 – 1965.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 1929, which will be followed by moving down to support level 1906.
This/Next Week Forecast (January 4 – 8, 2020)
Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 1906, which will be followed by reaching resistance level 1950.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 1875, which will be followed by moving down to support level 1850 and if it keeps on moving down below that level, we may expect the market to reach support level 1819.
Previous week gold forecast chart
The Most Important News Of This Week
Monday
EU – Manufacturing PMI
US – Manufacturing PMI
Tuesday
US – ISM Manufacturing PMI
Wednesday
EU – Markit Composite PMI
US – ADP Nonfarm Employment Change, Markit Composite PMI, FOMC Meeting Minutes
Oil – Crude Oil Inventories
Thursday
EU – Core CPI, ECB Monetary Policy Statement
US – Initial Jobless Claims, ISM Non-Manufacturing PMI
Gas – Natural Gas Storage
Friday
EU – Unemployment Rate
US – Nonfarm Payrolls
Fundamental Analysis
Conditions in currency and interest rates sectors showing fair price on the level 1750, but new covid wave and lockdown increase creating uptrend pressure.
Monthly Forecast, January 2021
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 1857, which will be followed by reaching resistance level 1950.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 1957, which will be followed by moving down to support level 1780 and if it keeps on moving down below that level, we may expect the market to reach support level 1680.
Previous forecast
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