GOLD forecast
9 June 2010
Today chart
Forecast of the week, 06/07 – 06/11
The market is trading along sideways trend and the market direction is unclear until a certain level is broken.
In case the gold rises above level 1214, it will start ascending to the target resistance level 1233.
In case it goes below level 1204, a downtrend will be started with the drop target set at support level 1192. If the gold keeps moving down below that level (namely, level 1182 and down), the downtrend will be continued and the drop target will be seen at level 1168.
Resistance level 1233 is the market’s key resistance. Thus, if the gold rebounds from it and then moves down below level 1218, a downtrend will be started with the drop target set at level 1168. However, if the gold manages to rise above key resistance level, an uptrend will be started with the upside target set at level 1286.
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 of the week, 06/07 – 06/11
The market is trading along sideways trend and the market direction is unclear until a certain level is broken.
In case the gold rises above level 1214, it will start ascending to the target resistance level 1233.
In case it goes below level 1204, a downtrend will be started with the drop target set at support level 1192. If the gold keeps moving down below that level (namely, level 1182 and down), the downtrend will be continued and the drop target will be seen at level 1168.
Resistance level 1233 is the market’s key resistance. Thus, if the gold rebounds from it and then moves down below level 1218, a downtrend will be started with the drop target set at level 1168. However, if the gold manages to rise above key resistance level, an uptrend will be started with the upside target set at level 1286.
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.
