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Gold Technical Analysis Forecast For 20 And 21 May

Fundamentals

Gold gave back over $17 as the US dollar rallied. Gold touched below the 1220 level and is trading at 1209 currently. Silver fell 285 outpacing gold to trade at 17.447 and Platinum fell more than $10 to 1168.25. Analysts said the fall in the yellow metal’s prices at futures trade was mostly in tandem with a weak trend overseas before the US Federal Reserve releases minutes of its latest meeting and investors assess economic data for clues on when interest rates will rise.

GOLD Analysis Forecast For 20 – 21 May

The USD Index, US 10 years bond rates and positive movements in US Stock markets let GOLD fell down yesterday. GOLD started its bearish pressure from 1232 levels and got down to 1205.60 in a quick manner. While we are on the third day of this week, currently GOLD is sailing near 1207 levels.

The effects that we have told above will lead the direction of GOLD for a while. As technically, 1222.60 resistance will be the major level that will create more bulls or bears in the market. Below 1222.60, sellers would be more powerful so below that level, BUY position is not recommended. If GOLD stays below this level for a while, we would begin to talk about 1204 – 1197 levels.

The first minor resistance before 1222.60 is 1211.70. So traders should watch this levels carefully, enter in positions according to this levels.

gold technical analysis forecast

GOLD Support And Resistance Levels For 20-21 May

Pivot : 1222.60

Support: 1204.45-1197.50-1188.00

Resistance : 1211.70-1216.80-1222.60

Today’s economic releases actual vs. forecast:

Cur. Event Actual Forecast Previous
  NZD PPI Input (QoQ) (Q1) -1.1% -0.7% -0.4%  
  AUD Monetary Policy Meeting  
  NZD Inflation Expectations (QoQ) 1.9% 1.8%  
  GBP CPI (MoM) (Apr) 0.2% 0.4% 0.2%  
  GBP CPI (YoY) (Apr) -0.1% 0.0% 0.0%  
  GBP PPI Input (MoM) (Apr) 0.4% 0.8% 0.4%
  EUR German ZEW Current Conditions 65.7 68.0 70.2  
  EUR German ZEW Economic 41.9 49.0 53.3  
  EUR Core CPI (YoY) (Apr) 0.6% 0.6% 0.6%  
  EUR CPI (YoY) (Apr) 0.0% 0.0% 0.0%  
  EUR CPI (MoM) (Apr) 0.2% 0.2% 1.1%  
  EUR Trade Balance (Mar) 23.4B 22.8B 20.3B  
  EUR ZEW Economic Sentiment 61.2 62.4 64.8

 

Upcoming Economic Events that you should be monitoring for Gold And Silver in forex trading:

Wednesday, May 20, 2015

Cur. Event Actual Forecast Previous
  JPY GDP (QoQ) (Q1) 0.4% 0.4%
  JPY GDP (YoY) (Q1) 1.5% 1.5%
  AUD Westpac Consumer Sentiment -3.2%
  EUR German PPI (MoM) (Apr) 0.2% 0.1%
  GBP BoE MPC Meeting Minutes
  CAD Wholesale Sales (MoM) (Mar) 0.7% -0.4%
  USD Crude Oil Inventories -2.191M
  USD FOMC Meeting Minutes

Government Bond Auctions

Date Time Country

May 20 09:03 Sweden Holds bond auction

May 21 08:30 Spain Auctions Bonos

May 21 09:03 Sweden Holds bond exchange auction

May 21 09:10 France Auctions BTANs

May 21 09:30 UK Auctions 4.75% 2030 Conventional Gilt

May 21 10:10 France Auctions

May 21 15:30 Italy Announces details of CTZ/BTPei on 26 May

May 21 15:00 US Announces details of 2-year FRN on 27 May, plus 2/5/7 year

May 21 17:00 US Auctions 10-year TIPs

May 22 09:03 Sweden Holds bond exchange auction

May 22 10:00 Norway Details bond auction on 27 May

 

Gold And Silver analysis forecast archieve

 

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