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Gold Uptrend Expected To Continue

Published 12/16/2013, 02:14 AM
Updated 07/09/2023, 06:31 AM
XAU/USD
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GC
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Main scenario:
The pair is trading along an uptrend.
The uptrend may be expected to continue while pair is trading above support level 1233, which will be followed by reaching resistance level 1251.

Alternative scenario:
A downtrend will start as soon, as the pair drops below support level 1233, which will be followed by moving down to support level 1222.

Support and Resistance levels:
Supports: 1233 (main), 1222 (strong)

Resistances: 1243, 1251 (strong)
<span class=XAU/USD Hour Chart" title="XAU/USD Hour Chart" width="739" height="480">
Previous forecast:
<span class=XAU/USD Hour Chart" title="XAU/USD Hour Chart" width="739" height="480">
Weekly Forecast: 16 - 20 December

Main scenario:
The pair is trading along an sideways trend.
The uptrend may be expected to continue while pair is trading above support level 1222, which will be followed by reaching resistance level 1251.

Alternative scenario:
A downtrend will start as soon, as the pair drops below support level 1222, which will be followed by moving down to support level 1200.

Support and Resistance levels:
Supports: 1233, 1222 (main), 1208, 1200

Resistances: 1251 (strong), 1270 (strong)
<span class=XAU/USD Hourly Chart" title="XAU/USD Hourly Chart" width="739" height="480">
Previous forecast:
<span class=XAU/USD Hourly Chart" title="XAU/USD Hourly Chart" width="739" height="480">
Monthly forecast: November - December

Main scenario:
The pair is trading along an sideways trend
A downtrend will start as soon, as the pair drops below support level 1309, which will be followed by moving down to support level 1272 and if it keeps on moving down below that level, we may expect the pair to reach support level 1225.

Alternative scenario:
An uptrend will start as soon, as the pair rises above resistance level 1330, which will be followed by moving up to resistance level 1392.

Support and Resistance levels:
Supports: 1309 (main), 1271 (strong), 1225 (strong)

Resistances: 1330 - 1350 (main), 1392 (strong)
<span class=XAU/USD Daily Chart" title="XAU/USD Daily Chart" width="739" height="480">
Previous forecast:
<span class=XAU/USD Daily Chart" title="XAU/USD Daily Chart" width="739" height="480">
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..

Alternative 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)
<span class=XAU/USD Weekly Chart" title="XAU/USD Weekly Chart" width="739" height="480">

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