GOLD, GC Futures market
Downtrend
A downtrend will start from resistance level 1588, which will be followed by moving down to support level 1580 and 1575, and if it keeps on moving down below that level, we may expect gold to reach support level 1567.5.
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 1600.
GOLD, spot market
Downtrend
A downtrend will start from resistance level 1588, which will be followed by moving down to support level 1575 and if it keeps on moving down below that level, we may expect gold to reach support level 1568.
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 1600 - 1611.
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 gold drops below support level 1570, which will be followed by moving down to support level 1557 and 1534.
Monthly forecast, January - February
Uptrend
The uptrend may be expected to continue, while gold is trading above support level 1557, which will be followed by reaching resistance level 1616.
Downtrend
A downtrend will start as soon, as gold drops below support level 1557, which will be followed by moving down to support level 1513.
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