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Gold: Uptrend expected to continue while it trades above 1929

Anton Kolhanov Anton Kolhanov

Tuesday Forecast

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 1929, which will be followed by reaching resistance level 1950 – 1965.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 1929, which will be followed by moving down to support level 1906.

This/Next Week Forecast (January 4 – 8, 2020)

Uptrend scenario

The uptrend may be expected to continue in case the market rises above resistance level 1906, which will be followed by reaching resistance level 1950.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 1875, which will be followed by moving down to support level 1850 and if it keeps on moving down below that level, we may expect the market to reach support level 1819.

Previous week gold forecast chart

The Most Important News Of This Week

Monday

EU – Manufacturing PMI
US – Manufacturing PMI

Tuesday

US – ISM Manufacturing PMI

Wednesday

EU – Markit Composite PMI
US – ADP Nonfarm Employment Change, Markit Composite PMI, FOMC Meeting Minutes
Oil – Crude Oil Inventories

Thursday

EU – Core CPI, ECB Monetary Policy Statement
US – Initial Jobless Claims, ISM Non-Manufacturing PMI
Gas – Natural Gas Storage

Friday

EU – Unemployment Rate
US – Nonfarm Payrolls

Fundamental Analysis

Conditions in currency and interest rates sectors showing fair price on the level 1750, but new covid wave and lockdown increase creating uptrend pressure.

Monthly Forecast, January 2021

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 1857, which will be followed by reaching resistance level 1950.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 1957, which will be followed by moving down to support level 1780 and if it keeps on moving down below that level, we may expect the market to reach support level 1680.

Previous forecast

Author

Anton Kolhanov

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

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