Gold, Monday forecast, November 1
The most important news today for Gold is "ECB President Lagarde Speaks", but before it, we have a strong chance that the market will be trading sideways without any trend impulse.
Forecast and technical analysis
Downtrend
The downtrend may be expected to continue, while the XAU/USD pair is trading below resistance level 1517.8, which will be followed by reaching support level 1503 and if it keeps on moving down below that level, we may expect the XAU/USD pair to reach support level 1494 - 1488.
Uptrend
An uptrend will start as soon, as the XAU/USD pair rises above resistance level 1517.8, which will be followed by moving up to resistance level 1524.8.
(Click on image to enlarge)
Weekly forecast, November 4 - 8
Fed Chairman Jerome Powell said that Fed will not continue to decrease % rates and take a pause, which is a positive signal for the dollar for a long-term perspective and negative for the gold market. Same time we can see that US Manufacturing PMI recovering above 51 points, which shows the strength of the US economy, which also creates a potential for dollar uptrend and gold downtrend. Also trade war phase one can be finished this month or even this week and it seems that the result can be positive for the world economy, which also can provoke a gold downtrend.
Most important news of this week
- Monday: EU Manufacturing PMI; ECB President Lagarde Speaks
- Tuesday: US Markit Composite PMI; Services PMI; ISM Non-Manufacturing PMI
- Wednesday: EU Markit Composite PMI; Services PMI
- Thursday: EU Eurogroup Meeting
- Friday: EU Finance Ministers Meeting;
Forecast and technical analysis
Downtrend
The downtrend may be expected to continue, while the XAU/USD pair is trading below resistance level 1516.2, which will be followed by reaching support level 1487.
Uptrend
An uptrend will start as soon, as the XAU/USD pair rises above resistance level 1516.2, which will be followed by moving up to resistance level 1534.2.
(Click on image to enlarge)
Monthly forecast, November - December
Downtrend
The downtrend may be expected to continue, while the XAU/USD pair is trading below resistance level 1517.8, which will be followed by reaching support level 1487 and if it keeps on moving down below that level, we may expect the XAU/USD pair to reach support level 1459.
Uptrend
An uptrend will start as soon, as the XAU/USD pair rises above resistance level 1517.8, which will be followed by moving up to resistance level 1534 and if it keeps on moving up above that level, we may expect the XAU/USD pair to reach resistance level 1556.8.
(Click on image to enlarge)
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