A relatively quiet Friday for gold. The price was traded below 1730 the whole day before the US session. After a round of US economic figures, buying momentum picked up. It broke the S-T resistance line(1) and climbed all the way to day high 1736.75. The day ended @ 1730.9 with a tight 16 dollars daily range.
Traders can continues to take advantage of the range-bound structure between 1720-45. S-T resistance is now @ 1736(2) & the support zone 1720-22 is quite strong so far.
1720-50 is still the range on the daily chart. Although the price remains under pressure of the resistance line(3), it should have a break through in the next 24 hours.
S-T Resistances:
1750
1745
1740
Market Price: 1730
S-T Supports:
1735
1728-30
1725
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Traders can continues to take advantage of the range-bound structure between 1720-45. S-T resistance is now @ 1736(2) & the support zone 1720-22 is quite strong so far.
1720-50 is still the range on the daily chart. Although the price remains under pressure of the resistance line(3), it should have a break through in the next 24 hours.
S-T Resistances:
1750
1745
1740
Market Price: 1730
S-T Supports:
1735
1728-30
1725
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Comment:
Selling momentum continued yesterday after the breaking of 1720 the day before. The price crossed its pervious day low 1705 and the key support 1700 in the Asian and European session(1), hit the day low 1678 at the US market opening. Ended the day at 1685 with a 26 dollars day drop.
As mentioned yesterday and its the same today, gold has yet to find a reversal signal on the hourly chart. Early during the Asian session, the price has been testing the support zone 1678-80. If the price breach this area, target can be set at 1665-60. A S-T resistance line(2) was formed in the past 24 hours, breaking this line will be the first signal of a S-T rebound.
In the big picture, gold is currently trading in a M-T downtrend(3) on the daily chart, while the price broke the L-T support lines (4.1)/(4.2) yesterday showing strong sign of bear. As its touching 1680 at the moment, the next 24 hours will be critical ! If today the price can close above 1680 level, the selling momentum from the breaking of (4)s will most likely shift to a range-bound structure(5); otherwise, aim for a profit target 1660 or below.
S-T Resistances:
1695-6
1688-90
1680
Market Price: 1679
S-T Supports:
1678
1670
1665-60
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Selling momentum continued yesterday after the breaking of 1720 the day before. The price crossed its pervious day low 1705 and the key support 1700 in the Asian and European session(1), hit the day low 1678 at the US market opening. Ended the day at 1685 with a 26 dollars day drop.
As mentioned yesterday and its the same today, gold has yet to find a reversal signal on the hourly chart. Early during the Asian session, the price has been testing the support zone 1678-80. If the price breach this area, target can be set at 1665-60. A S-T resistance line(2) was formed in the past 24 hours, breaking this line will be the first signal of a S-T rebound.
In the big picture, gold is currently trading in a M-T downtrend(3) on the daily chart, while the price broke the L-T support lines (4.1)/(4.2) yesterday showing strong sign of bear. As its touching 1680 at the moment, the next 24 hours will be critical ! If today the price can close above 1680 level, the selling momentum from the breaking of (4)s will most likely shift to a range-bound structure(5); otherwise, aim for a profit target 1660 or below.
S-T Resistances:
1695-6
1688-90
1680
Market Price: 1679
S-T Supports:
1678
1670
1665-60
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Comment:
Gold rebounded over USD22 yesterday, recovered all the drop from the day before. Early in the Asian session, the price was rejected by 1678, the second time in 24 hours, leading it to break the S-T resistance line(1) before the European session, escaping the downward trend entering a period of range-bound between 1682-88. During the US session, the price started to jump(2) all the way to 1715 non-stop ending the day at 1712.
Before any break through, can take advantage of the S-T range bound while Gold is currently trading within of 1705-15.
After the past 24 critical hours, Gold is now standing firmly above 1680. As mentioned yesterday, the price will now entering a period of range-bound 1680-1750 on the daily chart. At the same time, a double-bottom(3) is under development at a early stage, with neckline near 1750. Some buying momentum should follow through today after yesterday's jump, upper resistance is now at 1720 & the 20 days MA.
S-T Resistances:
1728-30
1725
1720
Market Price: 1712
S-T Supports:
1710
1705
1700
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Gold rebounded over USD22 yesterday, recovered all the drop from the day before. Early in the Asian session, the price was rejected by 1678, the second time in 24 hours, leading it to break the S-T resistance line(1) before the European session, escaping the downward trend entering a period of range-bound between 1682-88. During the US session, the price started to jump(2) all the way to 1715 non-stop ending the day at 1712.
Before any break through, can take advantage of the S-T range bound while Gold is currently trading within of 1705-15.
After the past 24 critical hours, Gold is now standing firmly above 1680. As mentioned yesterday, the price will now entering a period of range-bound 1680-1750 on the daily chart. At the same time, a double-bottom(3) is under development at a early stage, with neckline near 1750. Some buying momentum should follow through today after yesterday's jump, upper resistance is now at 1720 & the 20 days MA.
S-T Resistances:
1728-30
1725
1720
Market Price: 1712
S-T Supports:
1710
1705
1700
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P. To
The long awaited break-through finally appeared yesterday.
The price traded between 1722-28 through out the Asian & European session yesterday. It broke the major support at 1720(1) early in the US session, went all the way to day low 1705 and slightly rebounded to 1712 to end the day.
Gold once again hit the day low of yesterday early in the Asian session today, with buying support was shown near the 1705 level this morning, however, no reversal signal can be confirmed yet. The price will remain bearish in the next 24 hours unless it can close above 1710 today.
As mentioned yesterday, gold was under the pressure from the resistance line(2) and a break was due in the last 24 hours. The trend should remains downward unless a reversal signal appears. Need to pay attention to the L-T support line (4) .
S-T Resistances:
1720
1715
1710
Market Price: 1707
S-T Supports:
1705
1700
1695
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