Friday's Gold Outlook
Forex Million | Oct 17, 2014 06:40AM ET
XAU/USD: Main scenario
The pair is trading along an sideways trend.
An uptrend will start as soon, as the pair rises above resistance level 1242, which will be followed by moving up to resistance level 1250.
Alternative scenario: A downtrend will start as soon, as the pair drops below support level 1237, which will be followed by moving down to support level 1232 and if it keeps on moving down below that level, we may expect the pair to reach support level 1223.
Previous forecast:
Weekly Forecast, 13 - 17 October
Main scenario:
The pair is trading along an uptrend.
An downtrend is already started from 1236, which will be followed by moving down to support level 1218 and then to 1206.
Alternative scenario:
An uptrend will start as soon, as the pair rises above resistance level 1239, which will be followed by moving up to resistance level 1250, then to 1260.
Previous forecast:
Monthly forecast, October - November
Main scenario:
The pair is trading along an downtrend.
The downtrend may be expected to continue in case the market drops below support level 1205, which will be followed by reaching support level 1186 and if it keeps on moving down below that level, we may expect the pair to reach support level 1135.
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Alternative scenario:
An uptrend will start as soon, as the pair rises above resistance level 1228, which will be followed by moving up to resistance level 1250 and then to 1285.
Previous forecast:
Long-term Forecast: May - August
Main scenario:
The pair is trading along an downtrend.
The downtrend may be expected to continue while pair is trading below resistance level 1560, which will be followed by reaching support level 1182 and then to 975 - 878.
Alternative scenario:
An uptrend will start as soon, as the pair rises above resistance level 1560, which will be followed by moving up to resistance level 1747 and then to 2000.
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