Gold: The downtrend will start soon

Anton Kolhanov Anton Kolhanov

Weekly forecast (November 14 – 18, 2022)

Uptrend scenario

An uptrend may be expected to continue, while market is trading above support level 1738.7, which will be followed by reaching resistance level 1824.6.

Downtrend scenario

The downtrend will start as soon, as the market drops below support level 1738.7, which will be followed by moving down to support level 1673 and if it keeps on moving down below that level, we may expect the market to reach support level 1622.2.

Monthly forecast, November 2022

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 1696.1, which will be followed by moving up to resistance level 1738.7 and if it keeps on moving up above that level, we may expect the market to reach resistance level 1824.6.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 1696.1, which will be followed by reaching support level 1622.2 and if it keeps on moving down below that level, we may expect the market to reach support level 1566.2.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

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