Gold, Wednesday forecast, December 18
Uptrend
An uptrend will start as soon, as the XAU/USD pair rises above resistance level 1478, which will be followed by moving up to resistance level 1480.
Downtrend
A downtrend will start as soon, as the XAU/USD pair drops below support level 1476, which will be followed by moving down to support level 1474 and if it keeps on moving down below that level, we may expect the XAU/USD pair to reach support level 1465.
(Click on image to enlarge)
Weekly forecast, December 16 - 20
Most important news of this week:
- Monday: EU Manufacturing PMI (Dec), USA Manufacturing PMI (Dec), US Markit Composite PMI (Dec);
- Tuesday: -
- Wednesday: German Ifo Business Climate Index (Dec), EU Core CPI (YoY)(Nov), Crude Oil Inventories;
- Thursday: US Existing Home Sales (Nov)
- Friday: US GDP (QoQ)(Q3), US Core PCE Price Index (YoY)(Nov), US Michigan indexes.
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while the XAU/USD pair is trading above support level 1474.5, which will be followed by reaching resistance level 1486. 5 and if it keeps on moving up above that level, we may expect the XAU/USD pair to reach resistance level 1503.
Downtrend
A downtrend will start from resistance level 1486.5 or below support 1474.5, which will be followed by moving down to support level 1458.
(Click on image to enlarge)
Monthly forecast, December 2019 - January 2020
Uptrend
The uptrend may be expected to continue, while the XAU/USD pair is trading above support level 1454 - 1445, which will be followed by reaching resistance level 1487 and if it keeps on moving up above that level, we may expect the XAU/USD pair to reach resistance level 1513.
Downtrend
A downtrend will start as soon, as the XAU/USD pair drops below support level 1445, which will be followed by moving down to support level 1418.
(Click on image to enlarge)
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