Gold Forecast, Technical Analysis

  • GOLD, Wednesday forecast, November 6
    Today no any strong news, so market going to be trading technically.

    Forecast and technical analysis
    Uptrend
    An downtrend will start as soon, as the pair drops below support level 1488, which will be followed by moving down to support level 1503.
    Downtrend
    The downtrend may be expected to continue in case the market drops below support level 1480, which will be followed by reaching support level 1472.

    Weekly forecast, November 4 – 8
    Fed Chairman Jerome Powell said that FED will not continue to decrease % rates and take a pause, that is positive signal for dollar for long-term perspective and negative for gold market. Same time we can see that US Manufacturing PMI recovering above 51 points, that showing strength of US economy, that also create potential for dollar uptrend and gold downtrend. Also trade war phase one can be finished this month or even on this week and seems that result can be positive for world economy, that also can provoke gold downtrend.

    Most important news of this week
    Monday: EU Manufacturing PMI; ECB President Lagarde Speaks
    Tuesday: US Markit Composite PMI; Services PMI; ISM Non-Manufacturing PMI
    Wednesday: EU Markit Composite PMI; Services PMI
    Thursday: EU Eurogroup Meeting
    Friday: EU Finance Ministers Meeting;

    Forecast and technical analysis
    Downtrend
    The downtrend may be expected to continue, while pair is trading below resistance level 1516.2, which will be followed by reaching support level 1487.
    Uptrend
    An uptrend will start as soon, as the pair rises above resistance level 1516.2, which will be followed by moving up to resistance level 1534.2.

    Monthly forecast, November – December
    Downtrend
    The downtrend may be expected to continue, while pair is trading below resistance level 1517.8, which will be followed by reaching support level 1487 and if it keeps on moving down below that level, we may expect the pair to reach support level 1459.
    Uptrend
    An uptrend will start as soon, as the pair rises above resistance level 1517.8, which will be followed by moving up to resistance level 1534 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1556.8.

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