The XAU/ pair's be expected to continue, while the pair is trading below resistance level 1570, which will be followed by reaching support level 1557 and if it keeps on moving down below that level, we may expect the pair to reach support level 1540.7.
An uptrend can start as from support level 1557, as the pair rises above resistance level 1570, which will be followed by moving up to resistance level 1579.8.
Weekly forecast, January 6 - 10
Most important news of this week
Monday: EUR Markit Composite PMI (Dec), USD Markit Composite PMI (Dec)
Tuesday: EUR Core CPI (YoY) (Dec), USD ISM Non-Manufacturing PMI (Dec)
Wednesday: USD ADP Nonfarm Employment Change (Dec)
Thursday: EUR ECB Publishes Account of Monetary Policy Meeting
Friday: USD Average Hourly Earnings (YoY) (Dec), USD Nonfarm Payrolls (Dec), USD Unemployment Rate (Dec)
Forecast and technical analysis
The uptrend may be expected to continue, while pair is trading above support level 1557, which will be followed by reaching resistance level 1616.
A downtrend will start as soon as the pair drops below support level 1557, which will be followed by moving down to support level 1513.
Monthly forecast, January - February
The uptrend may be expected to continue, while pair is trading above support level 1557, which will be followed by reaching resistance level 1616.
A downtrend will start as soon, as the pair drops below support level 1557, which will be followed by moving down to support level 1513.
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