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Gold Trading In Wide Sideways Range

Published 07/22/2014, 05:41 AM
Updated 07/09/2023, 06:31 AM

Main scenario:
Gold trading along a wide sideways trend.
An local downtrend will start from resistance level 1318, which will be followed by moving down to support level 1307.

Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 1318, which will be followed by moving up to resistance level 1326 - 1332.
Gold Chart Hour Chart

Previous forecast:
Gold Chart Hour Chart

Weekly Forecast: 21 - 25 July

Main scenario:
The pair is trading along a sideways trend.
An local downtrend will start from resistance level 1318, which will be followed by moving down to support level 1294.

Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 1318, which will be followed by moving up to resistance level 1332 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1350.

Gold Hourly Chart

Previous forecast:
Gold Hourly Chart

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.

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.

Gold Daily Chart

Previous forecast:
Gold Daily Chart

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.

Gold Weekly Chart

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