Gold, Monday forecast, December 16
Uptrend
An uptrend will start as soon, as gold rises above resistance level 1478.5, which will be followed by moving up to resistance level 1486, from that can start correction back to support 1478.
Downtrend
A downtrend will start as soon, as gold drops below support level 1473, which will be followed by moving down to support level 1465.
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 gold 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 gold 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.
Monthly forecast, December 2019 - January 2020
Uptrend
The uptrend may be expected to continue, while gold 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 gold to reach resistance level 1513.
Downtrend
A downtrend will start as soon, as gold drops below support level 1445, which will be followed by moving down to support level 1418.
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