GOLD forecast
1 June 2010
Today chart
Forecast of the week, 05/31 – 06/04.
After rising above level 1195 the gold went into an uptrend. Currently we can observe the correction being formed in the form of a “diamond” trend-continuing/-turning figure. Upon the fact of getting above level 1233 the upside momentum will grow stronger and the market will be striving to reach level 1260.
Alternatively, a downtrend may be started in case the gold goes under level 1200. In such case it will get to support 1183; and if it then goes below level 1176, the downside momentum will grow stronger and eventually level 1144 will be reached.
Forecast monthly, June.
The market is trading along the “F-F+” uptrend with the upside target seen at resistance level 1285. Upon the fact of rising above level 1223, the upside momentum will grow stronger and the gold will continue ascending freely.
Otherwise, if the gold goes under level 1176, the uptrend will fade out and a downtrend will take its place with the drop target seen at support level 1114. If the gold goes below that level, it will then get to support 1048.
Forecast of the week, 05/31 – 06/04.
After rising above level 1195 the gold went into an uptrend. Currently we can observe the correction being formed in the form of a “diamond” trend-continuing/-turning figure. Upon the fact of getting above level 1233 the upside momentum will grow stronger and the market will be striving to reach level 1260.
Alternatively, a downtrend may be started in case the gold goes under level 1200. In such case it will get to support 1183; and if it then goes below level 1176, the downside momentum will grow stronger and eventually level 1144 will be reached.
Forecast monthly, June.
The market is trading along the “F-F+” uptrend with the upside target seen at resistance level 1285. Upon the fact of rising above level 1223, the upside momentum will grow stronger and the gold will continue ascending freely.
Otherwise, if the gold goes under level 1176, the uptrend will fade out and a downtrend will take its place with the drop target seen at support level 1114. If the gold goes below that level, it will then get to support 1048.
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.
