GOLD forecast
5 May 2010
Today chart
Forecast for this week, 03.05 - 07.05. H4 graph
Having reached its target level 1182 (last week’s target), the gold is now trading along an uptrend. However, reaching of that level speaks about a potential of downtrend development. Besides, that level is quite a strong resistance bearing the “R” daily trendline with an RSI divergence at daily graph. Therefore if the market goes below level 1168, downtrend comes in action with the drop target set to intermediate support 1150 and then to a rigid support at 1136 (“B” trendline).
Continuation of the uptrend shouldn’t be expected unless the gold rises above level 1186. If it happens, the gold will then get to a strong resistance 1196 (the “F-F+” weekly uptrend’s higher bound). Further up-trending potential may be suppressed at that level again and the uptrend’s continuation will be only possible if the market gets over 1202. But if so, the gold will rise to level 1215.
Forecast for this month, May. Daily graph (dated 05/03/10)
Forecast for this week, 03.05 - 07.05. H4 graph
Having reached its target level 1182 (last week’s target), the gold is now trading along an uptrend. However, reaching of that level speaks about a potential of downtrend development. Besides, that level is quite a strong resistance bearing the “R” daily trendline with an RSI divergence at daily graph. Therefore if the market goes below level 1168, downtrend comes in action with the drop target set to intermediate support 1150 and then to a rigid support at 1136 (“B” trendline).
Continuation of the uptrend shouldn’t be expected unless the gold rises above level 1186. If it happens, the gold will then get to a strong resistance 1196 (the “F-F+” weekly uptrend’s higher bound). Further up-trending potential may be suppressed at that level again and the uptrend’s continuation will be only possible if the market gets over 1202. But if so, the gold will rise to level 1215.
Forecast for this month, May. Daily graph (dated 05/03/10)
The gold is trading along an uptrend, rebounding off resistance level 1182, which bears the “R” daily trendline with RSI indicator divergence. The uptrend may be halted at that level in case the market goes below level 1168, and getting to support 1136 (“B” trendline) in such case. In general, downtrend will come in action under condition that the gold drops below level 1118 and then leaves the “F-F+” uptrend completely. Then the drop target will be set to level 1050.
Uptrend continuation may be expected in case the gold rises above level 1202. If it happens, the market will reach intermediate resistance 1215, and if it keeps on rising the next target will be set to level 1400 (the fifth wave’s target, refer to quarterly forecast).
Uptrend continuation may be expected in case the gold rises above level 1202. If it happens, the market will reach intermediate resistance 1215, and if it keeps on rising the next target will be set to level 1400 (the fifth wave’s target, refer to quarterly forecast).
Forecast for the next quarter, April - June. Weekly graph (dated 04/08/10)
