GOLD forecast

   Gold is being traded within a side trend. A “head & shoulders” is supposed to develop. At the moment the figure’s right shoulder is being formed at the key level 870; from there an uptrend is likely to develop having the target of growth to resistance 893. In case that level will be passed, gold will head to resistance level 915. After that, having successfully passed level 915, the pair will reach 951.

 

   We should consider a downtrend development only if gold drops below support 863. In such case level 837 will become the next lowering point.