Spot Gold Forecast: Gold Current Trend – Gold price are consolidating near $1903 in the morning session after a moderate increase the day before, which was supported by the weakness of USD. The US currency remains under significant pressure after last Friday’s US labor market report for May reflected slower-than-expected growth in Nonfarm Payrolls.
Gold Forecast: Gold (Yellow Metal)Under Selling Zone – On the daily chart, the third wave of the higher level (3) formed, a downward correction developed as the fourth wave (4), and the formation of the fifth wave (5) started.
Gold Forecast And Current Trend: Gold continues its corrective growth, trading at 1906.0 amid the formation of new factors that act as global support for quotations. The day before, Reuters published statistics on Chinese gold imports, according to which the PRC imported 52.821 tons of precious metal in April only through Hong Kong, which is 219% more than in the previous month.
Gold Price Forecast 02/02/2021 – Downtrend scenario : An uptrend is not expecting today. The downtrend maybe expected to continue, while market is trading below resistance level 1863, which will be followed by reaching support …
Gold Uptrend Forecast :
Gold weekly forecast uptrend may be expected to continue, while market is trading above support level $1827, which will be followed by reaching resistance level $1875 and if it keeps on moving up above that level, we may expect the market to reach resistance level $1905.
Gold Trading Strategy 07-January-2021
Uptrend scenario :
The gold price uptrend may be expected to continue, while market is trading above support level 1914, which will be followed by reaching resistance level 1941 – 1950.
Gold Weekly Outlook (January 4 – 8, 2020) Gold Uptrend scenario : The uptrend may be expected to continue in case the market rises above resistance level 1906, which will be followed by reaching resistance …