Gold will continue uptrend above 1475 with target on 1487
|Gold, Tuesday forecast, November 19
Today no any strong news and market going to be trading technically.
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue in case the market rises above resistance level 1475.3, which will be followed by reaching resistance level 1487.
Downtrend
An downtrend will start as soon, as the pair drops below support level 1469, which will be followed by moving down to support level 1458.
Weekly forecast, November 18 - 22
This week before Wednesday we do not have important news, so this can be the reason for market’s correction, where key support gold have on 1457 and resistance 1473.
Most important news of this week
Wednesday: FOMC Meeting Minutes
Friday: EU and US PMI’s
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 1457, which will be followed by reaching resistance level 1473 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1487.
Downtrend
Downtrend is not expecting on this week, below 1457 we can reach next support on 1446 after that market will be trading sideways between levels 1446 - 1457.
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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