GOLD forecast
26 August 2010
Today chart
Current trend is ascending.
Upward trend can start its development in a case of the pair movement higher the level of 1242, after that the arrival on the resistance level of 1255 and 1255 will happen.
Downtrend can start its development in a case of the pair movement lower the level of 1233, after that the arrival on the support level of 1224 will happen.
Supports: 1233, 1224, 1213
Ressitances: 1242, 1255
Forecast of the week, 08/23–08/27
The gold is still trading around resistance levels 1228–1233, being in the process of formation of “head and shoulders” figure. The neckline of this figure passes at level 1221; and so as soon as the market gets under this level, a downtrend will start with the downside target set at support level 1204. If the gold then goes below that level, we may expect it to get to support 1180. Otherwise, an uptrend may be expected to develop in case the market rises above resistance level 1233, which will be followed by moving up to resistance 1255. If the gold keeps on rising above that resistance, the next one will be found at mark 1280.
Forecast monthly, August.
The gold has quit from the “F-F+” uptrend, and now we can observe development of the “B-B+” downtrend with the downside target set at support level 1115 / 1090. Intermediate supports are located at levels 1161 and 1135. The “B-B+” trend development is accompanied by breaking of the “D-D+” uptrend’s lower bound, which may prove to be a false break in case the market will fail holding ground below level 1198 and rises higher. That will provoke development of an uptrend with the upside target set at resistance level 1233 / 42.
Current trend is ascending.
Upward trend can start its development in a case of the pair movement higher the level of 1242, after that the arrival on the resistance level of 1255 and 1255 will happen.
Downtrend can start its development in a case of the pair movement lower the level of 1233, after that the arrival on the support level of 1224 will happen.
Supports: 1233, 1224, 1213
Ressitances: 1242, 1255
Forecast of the week, 08/23–08/27
The gold is still trading around resistance levels 1228–1233, being in the process of formation of “head and shoulders” figure. The neckline of this figure passes at level 1221; and so as soon as the market gets under this level, a downtrend will start with the downside target set at support level 1204. If the gold then goes below that level, we may expect it to get to support 1180. Otherwise, an uptrend may be expected to develop in case the market rises above resistance level 1233, which will be followed by moving up to resistance 1255. If the gold keeps on rising above that resistance, the next one will be found at mark 1280.
Forecast monthly, August.
The gold has quit from the “F-F+” uptrend, and now we can observe development of the “B-B+” downtrend with the downside target set at support level 1115 / 1090. Intermediate supports are located at levels 1161 and 1135. The “B-B+” trend development is accompanied by breaking of the “D-D+” uptrend’s lower bound, which may prove to be a false break in case the market will fail holding ground below level 1198 and rises higher. That will provoke development of an uptrend with the upside target set at resistance level 1233 / 42.
Forecast quarterly, August–October
At this moment we can observe the “D-D+” uptrend’s completion, as the market breaks its boundary, and the 5th wave of this trend has been completed as well. Starting of a downtrend will be confirmed if the market drops below level 1170, after which we may expect the gold to move down along the “a” wave to level 1115 / 1090 (green sideways trend’s lower bound). That level is likely to offer a decent support, which will be followed by forming of the “b” correctional wave towards level 1177 / 1090. Then the downtrend development will be resumed within the “c” wave having the downside target set at level 970 (the “G-G+” trend’s lower bound).
At this moment we can observe the “D-D+” uptrend’s completion, as the market breaks its boundary, and the 5th wave of this trend has been completed as well. Starting of a downtrend will be confirmed if the market drops below level 1170, after which we may expect the gold to move down along the “a” wave to level 1115 / 1090 (green sideways trend’s lower bound). That level is likely to offer a decent support, which will be followed by forming of the “b” correctional wave towards level 1177 / 1090. Then the downtrend development will be resumed within the “c” wave having the downside target set at level 970 (the “G-G+” trend’s lower bound).