Gold, GC Futures market
Wednesday forecast, January 29
Uptrend
The uptrend may be expected to continue, while the XAU/USD pair is trading above support level 1567.5, which will be followed by reaching resistance level 1575.3 and if it keeps on moving up above that level, we may expect the XAU/USD pair to reach resistance level 1581.
Downtrend
A downtrend will start from resistance 1575.3 or as soon, as the XAU/USD pair drops below support level 1567.5, which will be followed by moving down to support level 1562.
(Click on image to enlarge)
Gold, spot market
Wednesday forecast, January 29
Uptrend
The uptrend may be expected to continue, while the XAU/USD pair is trading above support level 1567.8, which will be followed by reaching resistance level 1575.5 and if it keeps on moving up above that level, we may expect the XAU/USD pair to reach resistance level 1582 - 1588.
Downtrend
A downtrend will start from resistance 1575.5 or as soon, as the XAU/USD pair drops below support level 1567.8, which will be followed by moving down to support level 1563 and 1557.
(Click on image to enlarge)
Weekly forecast, January 27 - 31
Most important news of this week
- Monday: EU German Ifo Business Climate Index (Jan), US New Home Sales (Dec)
- Tuesday: US Core Durable Goods Orders (MoM) (Dec)
- Wednesday: US Pending Home Sales (MoM) (Dec), Crude Oil Inventories, FOMC Statement, Fed Interest Rate Decision, FOMC Press Conference
- Thursday: EU Unemployment Rate (Dec), US GDP (QoQ) (Q4)
- Friday: EU CPI (YoY) (Jan), GDP (YoY), US Michigan Consumer
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue in case the market rises above resistance level 1588, which will be followed by reaching resistance level 1611.
Downtrend
A downtrend will start as soon, as the XAU/USD pair drops below support level 1570, which will be followed by moving down to support level 1557 and 1534.
(Click on image to enlarge)
Monthly forecast, January - February
Uptrend
The uptrend may be expected to continue, while the XAU/USD pair is trading above support level 1557, which will be followed by reaching resistance level 1616.
Downtrend
A downtrend will start as soon, as the XAU/USD pair drops below support level 1557, which will be followed by moving down to support level 1513.
(Click on image to enlarge)
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