Gold have uptrend to resistance 1575.3 while trading above support 1567.8

Anton Kolhanov Anton Kolhanov

Gold, GC Futures market

Wednesday forecast, January 29

Uptrend
The uptrend may be expected to continue, while pair is trading above support level 1567.5, which will be followed by reaching resistance level 1575.3 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1581.
Downtrend
An downtrend will start from resistance 1575.3 or as soon, as the pair drops below support level 1567.5, which will be followed by moving down to support level 1562.

Gold spot market

Wednesday forecast, January 29

Uptrend
The uptrend may be expected to continue, while pair is trading above support level 1567.8, which will be followed by reaching resistance level 1575.5 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1582 - 1588.
Downtrend
An downtrend will start from resistance 1575.5 or as soon, as the pair drops below support level 1567.8, which will be followed by moving down to support level 1563 and 1557.

Weekly forecast, January 27 - 31

Most important news of this week
Monday: EU German Ifo Business Climate Index (Jan), US New Home Sales (Dec)
Tuesday: US Core Durable Goods Orders (MoM) (Dec)
Wednesday: US Pending Home Sales (MoM) (Dec), Crude Oil Inventories, FOMC Statement, Fed Interest Rate Decision, FOMC Press Conference
Thursday: EU Unemployment Rate (Dec), US GDP (QoQ) (Q4)
Friday: EU CPI (YoY) (Jan), GDP (YoY), US Michigan Consumer

Forecast and technical analysis

Uptrend
The uptrend may be expected to continue in case the market rises above resistance level 1588, which will be followed by reaching resistance level 1611.
Downtrend
An downtrend will start as soon, as the pair drops below support level 1570, which will be followed by moving down to support level 1557 and 1534.

Monthly forecast, January - February

Uptrend
The uptrend may be expected to continue, while pair is trading above support level 1557, which will be followed by reaching resistance level 1616.
Downtrend
An downtrend will start as soon, as the pair drops below support level 1557, which will be followed by moving down to support level 1513.

Author

Anton Kolhanov

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

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