Main scenario:
The pair is trading along a downtrend.
The downtrend may be expected to continue while pair is trading below resistance level 1310 - 1315, which will be followed by reaching support level 1300 and then 1287.
Alternate scenario:
An uptrend is not expecting today.
Support and Resistance levels:
Supports: 1300 (main), 1287
Resistances: 1310 (strong), 1315, 1322 (strong)
XAU/USD Hour Chart" title="XAU/USD Hour Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/picbf55cc0d854b2d06591eb49412f72887.png">
Previous forecast:
XAU/USD Hour Chart" title="XAU/USD Hour Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/pic18e639b6b09be33e97fb7b3920b397e6.png">
Weekly Forecast: 07 - 11 October
Main scenario:
The pair is trading along an sideways trend.
An uptrend will start as soon, as the pair rises above resistance level 1324, which will be followed by moving up to resistance level 1366 and then 1398.
Alternate 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 1251.
S/R levels:
Supports: 1300 (main), 1287, 1270, 1251
Resistances: 1324 (main), 1335 (storong) 1366, 1398 (main)
XAU/USD Hourly Chart" title="XAU/USD Hourly Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/pic68081274a4ce39bf0f989035b000016f.png">
Previous forecast:
XAU/USD Hourly Chart" title="XAU/USD Hourly Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/pic5606912cbfa18e54d52ba2ee1bd20393.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.
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.
Support and Resistance levels:
Supports: 1324 (strong), 1297 (main), 1225 (main)
Resistances: 1398 - 1417 (intermediate), 1500 (main)
XAU/USD Daily Chart" title="XAU/USD Daily Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/picb534e6e2d5a541e070bc8c283490bc30.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..
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)
XAU/USD Weekly Chart" title="XAU/USD Weekly Chart" width="740" height="480" src="https://d1-invdn-com.akamaized.net/content/pic4fba367c8d38fb6d352fa1f2bd8db8b7.png">