Gold Uptrend Continues With Target At $1,335
Forex Million | Oct 04, 2013 06:09AM ET
Main scenarion:
The pair is trading along an uptrend.
The uptrend may be expected to continue while pair is trading above support level 1315 - 1307 - 1300, which will be followed by reaching resistance level 1335.
Alternate scenario:
A downtrend will start as soon, as the pair drops below support level 1300, which will be followed by moving down to support level 1288.
Support and Resistance levels:
Supports: 1315, 1307, 1300 (main), 1288
Resistances: 1324, 1335 (strong), 1345
Weekly Forecast: 30 September - 04 October
Main scenario:
Gold market created strong support levels between 1324 and 1297 and while market is trading above it, we can expect uptrend to the resistance level 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, downtrend impulse will strengthen and gold will have 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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