Gold may start downtrend from the resistance 1588 to the support 1575

London (Jan 27)  An downtrend may start from resistance level 1588, which will be followed by moving down to support level 1580 and 1575, and if it keeps on moving down below that level, we may expect the pair to reach support level 1567.5.

 Uptrend

 The uptrend may be expected to continue in case the market rises above resistance level 1588, which will be followed by reaching resistance level 1600.

Gold

GOLD, spot market Monday forecast, January 27

Downtrend

 An downtrend will start from resistance level 1588, which will be followed by moving down to support level 1575 and if it keeps on moving down below that level, we may expect the pair to reach support level 1568.

 Uptrend

 The uptrend may be expected to continue in case the market rises above resistance level 1588, which will be followed by reaching resistance level 1600 - 1611.

XAUUSD

Weekly forecast, January 27 - 31

Most important news of this week

 Monday: EU German Ifo Business Climate Index (Jan), US New Home Sales (Dec)

 Tuesday: US Core Durable Goods Orders (MoM) (Dec)

 Wednesday: US Pending Home Sales (MoM) (Dec), Crude Oil Inventories, FOMC Statement, Fed Interest Rate Decision, FOMC Press Conference

 Thursday: EU Unemployment Rate (Dec), US GDP (QoQ) (Q4)

 Friday: EU CPI (YoY) (Jan), GDP (YoY), US Michigan Consumer

Forecast and technical analysis

 Uptrend

 The uptrend may be expected to continue in case the market rises above resistance level 1588, which will be followed by reaching resistance level 1611.

 Downtrend

 An downtrend will start as soon, as the pair drops below support level 1570, which will be followed by moving down to support level 1557 and 1534.

FXstreet