Gold, GC Futures market, Friday forecast, January 24

Sideways

Gold is trading along with a sideways trend between support 1555.6 and resistance 1563.3.

Uptrend

The uptrend may be expected to continue, while gold is trading above support level 1563.3, which will be followed by reaching resistance level 1568.

Downtrend

A downtrend will start as soon, as gold drops below support level 1555.6, which will be followed by moving down to support level 1550.

(Click on image to enlarge)

Gold, spot market, Friday forecast, January 24

Sideways

The XAU/USD pair is trading along with a sideways trend between support 1557 and resistance 1563.6.

Uptrend

The uptrend may be expected to continue, while the XAU/USD pair is trading above support level 1563.6, which will be followed by reaching resistance level 1568.

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 1550.

(Click on image to enlarge)

Weekly forecast, January 20 - 24

Most important news of this week

• Monday: United States - Martin Luther King, Jr.
• Tuesday: EU ZEW Economic Sentiment (Jan)
• Wednesday: US Existing Home Sales (Dec)
• Thusrday: EU Deposit Facility Rate (Jan), EU ECB Monetary Policy Statement, EU ECB Press Conference, Crude Oil Inventories
• Friday: EU German Manufacturing PMI (Jan), EU Manufacturing PMI (Jan), US Manufacturing PMI (Jan)

Forecast and technical analysis

Downtrend

The downtrend may be expected to continue, while the XAU/USD pair is trading below resistance level 1562, which will be followed by reaching support level 1545.

Uptrend

A uptrend will start as soon, as the XAU/USD pair rises above resistance level 1562, which will be followed by moving up to resistance level 1575.

(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

An 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)