Gold, Monday forecast, January 13

Downtrend

The downtrend may be expected to continue, while the XAU/USD pair is trading below resistance level 1557, which will be followed by reaching support level 1540.

Uptrend

An uptrend will start as from support level 1540, as the XAU/USD pair rises above resistance level 1557, which will be followed by moving up to resistance level 1575.

(Click on image to enlarge)

Weekly forecast, January 13 - 17

Most important news of this week

• Monday: -
• Tuesday: US Core CPI (YoY) (Dec)
• Wednesday: US-China trade war phase 1 deal, Crude Oil Inventories
• Thursday: EU ECB Publishes Account of Monetary Policy Meeting, US Core Retail Sales (MoM) (Dec)
• Friday: EU Core CPI (YoY) (Dec)

Forecast and technical analysis

Uptrend

The uptrend may be expected to continue, while the XAU/USD pair is trading above support level 1540, which will be followed by reaching resistance level 1575 and if it keeps on moving up above that level, we may expect the XAU/USD pair to reach resistance level 1611.

Downtrend

A downtrend will start as from resistance 1575, as the XAU/USD pair drops below support level 1540, which will be followed by moving down to support level 1513.

(Click on image to enlarge)

Monthly forecast, January - February

Uptrend

The uptrend may be expected to continue, while the XAU/USD pair is trading above support level 1557, which will be followed by reaching resistance level 1616.

Downtrend

A downtrend will start as soon, as the XAU/USD pair drops below support level 1557, which will be followed by moving down to support level 1513.

(Click on image to enlarge)