Gold Forecast And Analysis: Moving In 3 Wave Uptrend
Forex Million | Oct 02, 2013 04:20AM ET
Main scenario:
Market was dropped below main support level 1297, where we have neck line on pattern "head and shoulders" from the daily chart. This fact says that while gold is trading below 1297 we have a downtrend to the support level 1270 and then 1253.
Alternate scenario:
An uptrend will start as soon as the pair will be break up neck line, and rises above resistance level 1297, which will be followed by moving up to resistance level 1310 and then 1324.
Support and Resistance levels:
Supports: 1282 (interm.), 1270 (interm.), 1253 (strong)
Resistances: 1297 (main), 1310 (interm.), 1324 (strong)
Weekly Forecast: 30 September - 04 October
Main scenario:
Gold market created strong support levels between 1324 and 1297.Wwhile market is trading above it, we can expect an uptrend to the resistance levels 1398 - 1417.
Alternate scenario:
Break down of support level 1324 can allow market to reach main support level $1297. From that we will expect our uptrend continuation to 1417. But, if main support 1297 will be break down a downtrend impulse will strengthen, and gold will have a downtrend target on the support level 1253.
Support and Resistance levels:
Supports: 1324 (main), 1297 (main), 1282 (intermediate), 1253 (strong)
Resistances: 1350 1366 (intermediate), 1398 - 1417 (main)
Monthly forecast: October - November
Main scenario:
It seems that market is trading in downtrend, because we had broke of black uptrend channel, but wave analysis shows that after some correction on this levels we will continue uptrend (look long-term analysis). So, now gold is trading in 3 wave of uptrend with target on resistance level 1500, where intermediate resistance market have on the level 1398 - 1417, from that possible to have correction on support level 1334.
Alternate scenario:
Also on this chart market forming right shoulder of trend turn figure "head and shoulder" (but long-term analysis shows that she will not be break down), with neck line on the level 1297. And if price will drops below this level, market will start downtrend to the main support level 1225.
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Support and Resistance levels:
Supports: 1324 (strong), 1297 (main), 1225 (main)
Resistances: 1398 - 1417 (intermediate), 1500 (main)
Long-term Forecast and Analysis: October, Novemder, December, January.
Main scenario:
Gold market is trading in 3 wave of uptrend with target on the main resistance level 1500.
Alternate scenario:
A downtrend will start as soon as the pair drops below support level 1324, which will be followed by moving down to support level 1225.
Support and Resistance levels:
Supports: 1324 (main), 1225 (main)
Resistances: 1398 (intermediate), 1500 (main)
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