Gold Trades Along A Downtrend
Forex Million | Jul 30, 2014 06:24AM ET
Main scenario:
Gold is trading along a downtrend.
The downtrend may be expected to continue while pair is trading below resistance level 1302, which will be followed by reaching support level 1293.
Alternative scenario:
An uptrend will start as soon, as the pair rises above resistance level 1302, which will be followed by moving up to resistance level 1307 and then to 1318.
Previous forecast:
Weekly Forecast: 30 July - 01 August
Main scenario:
The pair is trading along a sideways trend.
An uptrend will start from support level 1293 - 1288, which will be followed by moving up to resistance level 1318 and then to 1332.
Alternative scenario:
A downtrend will start as soon, as the pair drops below support level 1288, which will be followed by moving down to support level 1270 and 1248.
Previous forecast:
Monthly Forecast: July - August (updated 07/07/14)
Main scenario:
The pair is trading along an uptrend.
The uptrend may be expected to continue in case the market rises above resistance level 1332, which will be followed by reaching resistance level 1365 and then to 1392.
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Alternative scenario:
A downtrend will start as soon, as the pair drops below support level 1294, which will be followed by moving down to support level 1248.
Previous forecast:
Long-Term Forecast: May - August
Main scenario:
The pair is trading along a 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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