Gold To Start The Uptrend From Key Support Level 1457 With A Target To 1469
Gold, Monday forecast, November 18
Today, there is no important news for the market, so trading is going to be purely technical.
Forecast and technical analysis
Downtrend
The market is trading in a downtrend with a target to the key support level 1457.
Uptrend
A downtrend will start from key support level 1457, which will be followed by moving up to resistance level 1462 and 1469.
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Weekly forecast, November 18 - 22
This week before Wednesday there will be no important news on the horizon and in turn, this could actually be the reason for a market’s correction, where the key level support for gold will be at 1457 and the resistance level at 1473.
Most important news of this week
- Wednesday: FOMC Meeting Minutes
- Friday: EU and US PMI’s
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while the XAU/USD pair is trading above support level 1457, which will be followed by reaching resistance level 1473 and if it keeps on moving up above that level, we may expect the XAU/USD pair to reach resistance level 1487.
Downtrend
A downtrend is not expected this week, specifically below level 1457, thus we can reach the next support level at 1446. After that, the market will be trading sideways between levels 1446 - 1457.
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Monthly forecast, November - December
Downtrend
The downtrend may be expected to continue, while the XAU/USD pair is trading below resistance level 1517.8, which will be followed by reaching support level 1487 and if it keeps on moving down below that level, we may expect the XAU/USD pair to reach support level 1459.
Uptrend
An uptrend will start as soon, as the XAU/USD pair rises above resistance level 1517.8, which will be followed by moving up to resistance level 1534 and if it keeps on moving up above that level, we may expect the XAU/USD pair to reach resistance level 1556.8.
(Click on image to enlarge)