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Main » Articles » Forecast

GOLD forecast
H4 graph
    The gold is on the way up, and it is supposed to reach the local target – resistance level 1025 (“K” trend line, see weekly graph). After having a rest at the higher bound of broken “B-B+” daily uptrend, the gold started some consolidation (a figure of trend continuation is being formed). In case the gold rises above level 1004, the up-trending momentum will gain strength again. Support is found at level 990. Otherwise, if the market drops below level 986, it will get to support 974 (the higher bound of the “triangle” figure) and the correction will endure. But if the gold succeeds going under level 969, the uptrend will be lost and soon replaced with a downtrend, which will has the dropping target set to level 948.
 
gold forex forecast
 
Daily graph (from 09.06.09)
   The gold is consolidating at level 994 (the crossing of “Z” weekly trend line and “B+” – the higher bound of daily uptrend). This level is a key one and it determines further direction of the market for near future. As we can see, the higher bound of the “triangle” figure had been broken (level 977, “C+” trend line), which speaks in favor of the gold’s rising to the level of intermediate resistance 1024 (“K” weekly trend line). But it’s now worth excluding the variant of downtrend development followed by drop to level 974, and possibly even to 940.
 
   That’s why there are two variants of events to proceed:
1. Since the higher bound of “triangle” was broken up, we’re moving towards level 1024. This scenario is confirmed if the gold manages to hold ground above 994 and doesn’t drop any lower than 974.
2. “Z” trend line shows a strong resistance and the gold retreats to support 974, if it drops below level 984. Such fact will weaken the hope for continuation of the uptrend and getting to level 1024. That’s why, if the market will then go under level 974, it will get to support 940. 
 
gold forex forecast
 
Weekly graph (from 09.06.09)
   The gold rose above level 977 (above the higher bound of “triangle” figure), which speaks that the market is supposed to approach target level 1115 soon. There is a resistance on the way up, level 1024 (“K” trend line), which the market will need to pass. So, while we’re trading under 1024, there is a probability of drop to level 990–977. If the gold eventually rises above 1024, there will be no obstacles on the way to 1115.
   Alternatively, in case the gold drops below level 940 (breaks the “C” trend line), it will get to level 863. 
 
gold forex forecast
Category: Forecast | Added by: forex-market (2009-09-30)
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