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GOLD will continue uptrend above 1509 with target on 1516


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GOLD, Wednesday forecast, October 9

Today market waiting for US FOMC Meeting minutes news, that will show future FED policy and this event will be very important for GOLD. If minutes will confirm economy weakness, market can jump up to resistance 1516, but if comments will be neutral, we can go down to 1494. But most important news market have tomorrow, as decision by trade war between US and China.

Forecast:
An downtrend will start as soon, as the pair drops below support level 1503.8, which will be followed by moving down to support level 1494.
An uptrend will start as soon, as the pair rises above resistance level 1509.4, which will be followed by moving up to resistance level 1516.2.

Weekly forecast, October 7 - 11
The pair is trading along an sideways trend between support 1483.2 and resistance 1516.2
An uptrend will start as soon, as the pair rises above resistance level 1516.2, which will be followed by moving up to resistance level 1534.2.
An downtrend will start as soon, as the pair drops below support level 1483.2, which will be followed by moving down to support level 1459.



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About the author


Anton started to study FOREX market in 2003. Since 2007, started to offer analytical forecasts for the major currency pairs and for gold prices in order to better understand the market and to assist to traders to identify the main key market levels. From 2014 started trading on futures market.

His current trading instruments in currency and commodity markets: eurusd, gold, wti crude oil, brent crude oil, natural gas, s&p500, dow jones, dax, soybeans

Anton graduate economist, graduated from university with degree in Banking.

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