Gold weekly forecast, August 31 – September 4

Anton Kolhanov Anton Kolhanov

Weekly forecast
(August 31 - September 4, 2020)

Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 2033, which will be followed by reaching resistance level 2175.

Downtrend scenario
An downtrend will start as soon, as the market drops below support level 1920, which will be followed by moving down to support level 1862 and if it keeps on moving down below that level, we may expect the market to reach support level 1795 - 1740.

previous week gold forecast chart

Long-term forecast
(Quarter III: July - September, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 1920 - 1795, which will be followed by reaching resistance level 2175 - 2400.

Downtrend scenario
An downtrend will start as soon, as the market drops below support level 1795, which will be followed by moving down to support level 1500 and 1350.

Author

Anton Kolhanov

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

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