GOLD forecast
18 May 2010
Today chart
Forecast for the week, 05/17 – 05/21
The gold is trading along an uptrend. However, at the same time it is forming a local correction, which potentially has a form of a “diamond” trend-continuing or trend-turning figure. In case the gold goes on rising above level 1250, the uptrend will continue its development with the upside target set at level 1280.
A downtrend will be started in case the gold drops below level 1217. Then it will get to support level 1196, which possibly will be accompanied by a correction to resistance levels 1217 – 1228. Next, if the gold goes under support 1196, the downside momentum will grow stronger and the market will soon find itself at support level 1172 (the lower bound of “F-F+” uptrend).
Forecast for this month, May. Daily graph (dated 05/10/10)
The market is trading along an uptrend with the upside target at resistance 1280. After getting over level 1215 the upside momentum is supposed to grow stronger, since all resistance levels will be passed by then. Support is currently at level 1188. This variant is in effect while the market is trading above level 1185.
A downtrend will be started in case the market goes below level 1163; in such case the gold will head down to support level 1140 (the lower bound of “F-F+” uptrend). Then, after it gets under 1137, the “F-F+” trend is supposed to be turned and the drop target will be set to level 1050 (“K” trendline).
Forecast for the week, 05/17 – 05/21
The gold is trading along an uptrend. However, at the same time it is forming a local correction, which potentially has a form of a “diamond” trend-continuing or trend-turning figure. In case the gold goes on rising above level 1250, the uptrend will continue its development with the upside target set at level 1280.
A downtrend will be started in case the gold drops below level 1217. Then it will get to support level 1196, which possibly will be accompanied by a correction to resistance levels 1217 – 1228. Next, if the gold goes under support 1196, the downside momentum will grow stronger and the market will soon find itself at support level 1172 (the lower bound of “F-F+” uptrend).
Forecast for this month, May. Daily graph (dated 05/10/10)
The market is trading along an uptrend with the upside target at resistance 1280. After getting over level 1215 the upside momentum is supposed to grow stronger, since all resistance levels will be passed by then. Support is currently at level 1188. This variant is in effect while the market is trading above level 1185.
A downtrend will be started in case the market goes below level 1163; in such case the gold will head down to support level 1140 (the lower bound of “F-F+” uptrend). Then, after it gets under 1137, the “F-F+” trend is supposed to be turned and the drop target will be set to level 1050 (“K” trendline).
Forecast for the next quarter, April - June. Weekly graph (dated 05/10/10)
The market is trading along the uptrend, namely in its 5th upwave, having the upside target seen at level 1400. A strong resistance is found at level 1280 and it is currently serving as the market’s local target. Upon touching that level, the gold will also need to get over level 1310 in order to make its way to 1400. Support is found at level 1188.
In case the market goes below level 1137, downtrend development will come in action with the drop target set to support level 1150 (“K” trendline). If the gold drops further below level 1140, it will get to support 960 (“Z” trendline), which is the market’s drop target level.
The market is trading along the uptrend, namely in its 5th upwave, having the upside target seen at level 1400. A strong resistance is found at level 1280 and it is currently serving as the market’s local target. Upon touching that level, the gold will also need to get over level 1310 in order to make its way to 1400. Support is found at level 1188.
In case the market goes below level 1137, downtrend development will come in action with the drop target set to support level 1150 (“K” trendline). If the gold drops further below level 1140, it will get to support 960 (“Z” trendline), which is the market’s drop target level.
