GOLD today's market forecast 08/22/11
22 August 2011
Today's forecast
The pair is trading along an uptrend.
The uptrend may be expected to continue in case the market rises above resistance level 1896, which will be followed by reaching resistance level 1955.
An downtrend will start from current resistance level 1896, which will be followed by moving down to support level 1861/51.
Resistances: 1891, 1955
Supports: 1861/51, 1795
The pair is trading along an uptrend.
The uptrend may be expected to continue in case the market rises above resistance level 1896, which will be followed by reaching resistance level 1955.
An downtrend will start from current resistance level 1896, which will be followed by moving down to support level 1861/51.
Resistances: 1891, 1955
Supports: 1861/51, 1795
Forecast weekly, 08/22–08/26
The pair is trading along an uptrend.
An uptrend will start as soon as the pair rises above resistance level 1896, which will be followed by moving up to resistance level 1955.
An downtrend will start as soon as the pair drops below support level 1851, which will be followed by moving down to support level 1795.
Resistance: 1896, 1955
Support: 1861/51, 1795, 1744
Forecast monthly, June
The gold’s marker is trading along the sideways trend while forming a “flag” downtrend-continuing figure. The market has closely approached resistance level 1544. In case it rises above that level, it will reach next resistance seen at mark 1568, thus making the figure irrelevant.
However, if resistance 1544 will keep the market from further upside attempts pushing the price towards level 1526 and below, a rebound from resistance 1544 will happen and a downtrend will start. Confident development of that downtrend will begin as the price gets under support 1517, which will be followed by reaching support levels 1486 and then 1460, 1433.
Resistances: 1544, 1568
Supports: 1517, 1486, 1460, 1433
Forecast Quarterly, December/January–March
The gold has reached its upside target, level 1400, right where the “Y-Y+” uptrend’s fifth wave got finished. Currently the market is striving to break down through key support level 1328 (which belongs to the “Z” trendline), and if it succeeds, we may expect a downtrend to resume with the downside target set at support 1243. In case the gold then continues dropping below level 1243, the downside momentum will grow stronger thus confirming the downtrend development once again. Consequently, the market will get down to support level 1181, from where it may either go down further to key support level 1080 (which belongs to the “E-E+” uptrend’s lower boundary); or develop a correction up to resistance level 1243, which will be followed by resumption of the downside momentum.
Alternatively, an uptrend will start upon the market rises above resistance level 1395. Then the gold will go for upside to levels 1500 and further to 1600.
The gold has reached its upside target, level 1400, right where the “Y-Y+” uptrend’s fifth wave got finished. Currently the market is striving to break down through key support level 1328 (which belongs to the “Z” trendline), and if it succeeds, we may expect a downtrend to resume with the downside target set at support 1243. In case the gold then continues dropping below level 1243, the downside momentum will grow stronger thus confirming the downtrend development once again. Consequently, the market will get down to support level 1181, from where it may either go down further to key support level 1080 (which belongs to the “E-E+” uptrend’s lower boundary); or develop a correction up to resistance level 1243, which will be followed by resumption of the downside momentum.
Alternatively, an uptrend will start upon the market rises above resistance level 1395. Then the gold will go for upside to levels 1500 and further to 1600.
