GOLD forecast
2 September 2010
Today chart
Current trend is descending with target on the level 1238.
Upward trend can start its development in a case of the pair movement higher the level of 1255, after that the arrival on the resistance level of 1280 will happen.
Supports: 1238
Ressitances: 1249, 1252, 1255
Forecast of the week, 08/30–09/03
Last week the gold failed getting above key resistance level 1242, which gives a chance to develop a downtrend this week under condition that the market goes below support 1231, and then also below level 1220, which will clear the way down for the gold to support level 1191. Besides, there is a certain possibility of uptrend development, which will start in case the market rises above resistance level 1242, and which will be followed by moving up to resistance level 1255. If it will keep on rising above that level, it will get to resistance 1270.
Forecast monthly, September
The gold is trading within the “B-B+” uptrend’s boundaries, however it failed getting above key resistance level 1242, which gives a chance to develop a downtrend under condition that the market drops below level 1220. If so, it will then head to support levels 1191–1180. Uptrend will resume in case the gold rises above resistance 1242, which will be followed by moving up to resistance 1255. If the gold will keep on rising above that level, it will get to resistance 1278.
Current trend is descending with target on the level 1238.
Upward trend can start its development in a case of the pair movement higher the level of 1255, after that the arrival on the resistance level of 1280 will happen.
Supports: 1238
Ressitances: 1249, 1252, 1255
Forecast of the week, 08/30–09/03
Last week the gold failed getting above key resistance level 1242, which gives a chance to develop a downtrend this week under condition that the market goes below support 1231, and then also below level 1220, which will clear the way down for the gold to support level 1191. Besides, there is a certain possibility of uptrend development, which will start in case the market rises above resistance level 1242, and which will be followed by moving up to resistance level 1255. If it will keep on rising above that level, it will get to resistance 1270.
Forecast monthly, September
The gold is trading within the “B-B+” uptrend’s boundaries, however it failed getting above key resistance level 1242, which gives a chance to develop a downtrend under condition that the market drops below level 1220. If so, it will then head to support levels 1191–1180. Uptrend will resume in case the gold rises above resistance 1242, which will be followed by moving up to resistance 1255. If the gold will keep on rising above that level, it will get to resistance 1278.
Forecast quarterly, August–October
At this moment we can observe the “D-D+” uptrend’s completion, as the market breaks its boundary, and the 5th wave of this trend has been completed as well. Starting of a downtrend will be confirmed if the market drops below level 1170, after which we may expect the gold to move down along the “a” wave to level 1115 / 1090 (green sideways trend’s lower bound). That level is likely to offer a decent support, which will be followed by forming of the “b” correctional wave towards level 1177 / 1090. Then the downtrend development will be resumed within the “c” wave having the downside target set at level 970 (the “G-G+” trend’s lower bound).
At this moment we can observe the “D-D+” uptrend’s completion, as the market breaks its boundary, and the 5th wave of this trend has been completed as well. Starting of a downtrend will be confirmed if the market drops below level 1170, after which we may expect the gold to move down along the “a” wave to level 1115 / 1090 (green sideways trend’s lower bound). That level is likely to offer a decent support, which will be followed by forming of the “b” correctional wave towards level 1177 / 1090. Then the downtrend development will be resumed within the “c” wave having the downside target set at level 970 (the “G-G+” trend’s lower bound).