Gold may continue uptrend above 1563.6 with target to 1568

Anton Kolhanov Anton Kolhanov

Gold, GC Futures market, Friday forecast, January 24

Sideways
The pair is trading along an sideways trend between support 1555.6 and resistance 1563.3
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 1563.3, which will be followed by reaching resistance level 1568.
Downtrend
An downtrend will start as soon, as the pair drops below support level 1555.6, which will be followed by moving down to support level 1550.

Gold, spot market, Friday forecast, January 24

Sideways
The pair is trading along an sideways trend between support 1557 and resistance 1563.6
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 1563.6, which will be followed by reaching resistance level 1568.
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 1550.

Weekly forecast, January 20 - 24

Most important news of this week
Monday: United States - Martin Luther King, Jr.
Tuesday: EU ZEW Economic Sentiment (Jan)
Wednesday: US Existing Home Sales (Dec)
Thusrday: EU Deposit Facility Rate (Jan), EU ECB Monetary Policy Statement, EU ECB Press Conference, Crude Oil Inventories
Friday: EU German Manufacturing PMI (Jan), EU Manufacturing PMI (Jan), US Manufacturing PMI (Jan)

Forecast and technical analysis
Downtrend
The downtrend may be expected to continue, while pair is trading below resistance level 1562, which will be followed by reaching support level 1545.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 1562, which will be followed by moving up to resistance level 1575.

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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