Gold forecast today Gold price medium trend may 2020

gold forecast
forexgann

Gold forecast today Gold price trend

Gold price forecast have been developed through the technique of the US economist W.D. Gann.

gold forecast today
Gold 03.02.2020

Gold forecast today short term

From the half of November 2019, Gold market has accelerated again the ascending phase, reaching a first relative top in the weekly Set Up of 10th January 2020.

At that juncture, yellow metal price exchanges are arrived to level $ 1.611 and has covered a positive lateral dynamics within the weekly temporal signal of 10th January.

The bullish break of the weekly Set Up of 7th February 2020, occurred the following week, has created a further prices acceleration. They have reached 2X1 angular resistance at level $ 1.689. This level is near to the tops of October 2012.

However the medium and long term resistances have pushed away these quotation levels almost immediately.

In the Minimum Square expiration of 28th February 2020, Gold has generated a large retracement. This retracement has push exchanges in area $ 1.575 in the first days of March, that is on the 1X1 angle.

The short term signal has given negative response. Next supports are in area $1.500.

To understand better the trend, we analyze the medium term phase.

Gold prices trend medium term

gold forecast
gold quarterly 03.02.2020

As clearly visible in the slide just above, since December 2018 Gold market has freed itself from 1X2 angular descending resistances that have alternated prices in a negative lateral phase and in a positive lateral phase between September 2017 and August 2018.

In particular, since June 2019 quotations have shown a value double the amount of the natural drift, also alternating acceleration moments of 4 times the amount of the natural progressive value.

In August and September 2019, exchanges are arrived to the level of two important dynamic resistances: 1X2 ascending angle with origin in January 2018 and 1X1 Zero angle, both visible in the photo respectively yellow and red colored.

The following partial distribution of prices is ended with the upward break of the monthly Set Up of November 2019, occurred in December.

Gold prices have reached the top at level $ 1.689 during the last temporal cycle expired in February 2020.

The trend is still positive, but the possible bearish break of level $ 1.535 will signal the start of a medium term corrective phase.   

First supports are in area $ 1.480.

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