Gold Technicals: September 28, 2015
Anton Kolhanov | Sep 28, 2015 07:52AM ET
Main scenario:
Gold is trading along a downtrend that holds with support level 1133 and and if it keeps on moving down below that level, we may expect the pair to reach support level 1124.
Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 1140, which will be followed by moving up to resistance level 1145 and 1152.
Weekly Forecast, 28 September - 2 October
Main scenario:
The pair is trading along an uptrend with target on 1160. The uptrend may be expected to continue in case the market rises above resistance level 1140, which will be followed by reaching resistance level 1160.
Alternative scenario:
An downtrend will start as soon as the pair drops below support level 1133, which will be followed by moving down to support level 1124 and then 1108.
Monthly forecast, October 2015
Main scenario:
The pair is trading along a sideways trend between resistance 1170 and support 1108 levels. A downtrend will start as soon as the pair drops below support level 1108, which will be followed by moving down to support level 1080.
Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 1170, which will be followed by moving up to resistance level 1224.
Long-term Forecast: September - November, 2015
Main scenario:
The pair is trading along a downtrend with target on 970 - 880 and may be expected to continue, while pair is trading below resistance level 1170.
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Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 1170, which will be followed by moving up to resistance level 1325 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1560 or we will have correction to 1170.
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