Gold Weekly Forecast, October 19 - 23

This/Next Week Forecast (October 19 - 23, 2020)

Uptrend scenario

An uptrend will start as soon, as the gold market rises above resistance level 1928, which will be followed by moving up to resistance level 1966 and if it keeps on moving up above that level, we may expect the gold market to reach resistance level 2033.

Downtrend scenario

A downtrend will start as soon, as the gold market drops below support level 1890, which will be followed by moving down to support level 1848.

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Previous week gold forecast chart

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Fundamental Analysis

Conditions in currency and interest rates sectors showing fair price on the level 1800 - 1750.

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

Uptrend scenario

The uptrend may be expected to continue, while the gold market is trading above support level 1920 - 1795, which will be followed by reaching resistance level 2175 - 2400.

Downtrend scenario

A downtrend will start as soon, as the gold market drops below support level 1795, which will be followed by moving down to support level 1500 and 1350.

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