GOLD forecast
6 July 2010
Today chart
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Forecast of the week, 07/05–07/09
The gold is trading along a downtrend in the form of 5-waved Elliot model. Current location is at the 4th correctional wave. Current downtrend may be expected in case the market drops below level 1203, which will be followed by reaching the 5th wave’s target and also getting to support at level 1177 / 1169.
In case the market rises above level 1216 we may speak about extension of development of the 4th correctional wave. In such case the gold may rise up to resistance level 1237. However, if it successfully gets above that level we may speak about cancellation of the downtrend and beginning of an uptrend with the upside target set at resistance 1258. If the gold will keep on rising above that level, it will reach resistance 1289.
Forecast monthly, June
The market is trading along an uptrend; however signs of trend’s turn are present. That’s why we should not expect the uptrend to continue unless the gold confidently rises above resistance level 1232, which will be followed by moving up to level 1286.
Otherwise, if the gold goes under level 1182, a downtrend will be started with the drop target set at support levels 1132–1114.
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Forecast of the week, 07/05–07/09
The gold is trading along a downtrend in the form of 5-waved Elliot model. Current location is at the 4th correctional wave. Current downtrend may be expected in case the market drops below level 1203, which will be followed by reaching the 5th wave’s target and also getting to support at level 1177 / 1169.
In case the market rises above level 1216 we may speak about extension of development of the 4th correctional wave. In such case the gold may rise up to resistance level 1237. However, if it successfully gets above that level we may speak about cancellation of the downtrend and beginning of an uptrend with the upside target set at resistance 1258. If the gold will keep on rising above that level, it will reach resistance 1289.
Forecast monthly, June
The market is trading along an uptrend; however signs of trend’s turn are present. That’s why we should not expect the uptrend to continue unless the gold confidently rises above resistance level 1232, which will be followed by moving up to level 1286.
Otherwise, if the gold goes under level 1182, a downtrend will be started with the drop target set at support levels 1132–1114.
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.
