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Gold Forecast: October 23, 2013

Published 10/23/2013, 05:32 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 1330, which will be followed by reaching resistance level 1352 and then 1366.

Alternative scenario:
A downtrend will start as soon, as the pair drops below support level 1330, which will be followed by moving down to support level 1314.

Support and Resistance levels:
Supports: 1330 (main), 1320, 1314, 1300 (strong)

Resistances: 1341, 1352, 1366
<span class=XAU/USD Hour Chart" title="XAU/USD Hour Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/picc297ce3dfb5fd951d8ebdb76ec7b2da6.png">
Previous forecast:
<span class=XAU/USD Hour Chart" title="XAU/USD Hour Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/pic1e92eba85dc3426276591bc9d7796d11.png">

Weekly Forecast: 21 - 25 October

Main scenario:
The pair is trading along an uptrend.
The uptrend may be expected to continue while pair is trading above support level 1300, which will be followed by reaching resistance level 1340 and then to 1366.

Alternative scenario:
A downtrend will start as soon, as the pair drops below main support level 1300, which will be followed by moving down to support level 1270.

Support and Resistance levels:
Supports: 1300 (main), 1287, 1270 (strong)

Resistances: 1330 - 1340 (strong), 1366
<span class=XAU/USD Hourly Chart" title="XAU/USD Hourly Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/pic10467005c44edcc1c62982d21d56f1b6.png">
Previous forecast:
<span class=XAU/USD Hourly Chart" title="XAU/USD Hourly Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/picbafa8f11a0349d6fc2ab6b6302629013.png">

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.

Alternative 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.

Support and Resistance levels:
Supports: 1324 (strong), 1297 (main), 1225 (main)

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Resistances: 1398 - 1417 (intermediate), 1500 (main)
<span class=XAU/USD Daily Chart" title="XAU/USD Daily Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/picadb9604ed2403ffe2dc5b4f948e496e5.png">

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="740" height="480" src="https://d1-invdn-com.akamaized.net/content/pic7d986c3bc68a186b0fe951b979bc2972.png">

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