GOLD Weekly Forecast, September 21 - 25

Forecast For This/Next Week
(September 21 - 25, 2020)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 1966, which will be followed by moving up to resistance level 2033 - 2073.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 1906, which will be followed by moving down to support level 1862 and if it keeps on moving down below that level, we may expect the market to reach support level 1795.

previous week gold forecast chart

Fundamental Analysis

Market have lost negative conditions for further gold uptrend pressure and probably we have more potential for deeper correction, but same time market still do not give any signals for downtrend beginning. In this case further trend direction will be defined by technical analysis.

Long-term Forecast
(Quarter III: July - September, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 1920 - 1795, which will be followed by reaching resistance level 2175 - 2400.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 1795, which will be followed by moving down to support level 1500 and 1350.