Gold, Tuesday forecast, November 19

Today, there is no important news for the market, so trading is going to be purely technical.

Forecast and technical analysis

Uptrend

The uptrend may be expected to continue in case the market rises above resistance level 1475.3, which will be followed by reaching resistance level 1487.

Downtrend

A downtrend will start as soon, as the XAU/USD pair drops below support level 1469, which will be followed by moving down to support level 1458.

(Click on image to enlarge)

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, below 1457 we can reach next support on 1446 after that market will be trading sideways between levels 1446 - 1457.

(Click on image to enlarge)

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)