Gold rebounded from its 4 month's low @ 1765 early in the week, peaked @ 1848 on Friday and profit being booked before market closed last week.
Gold is running into a key technical resistance @ 1850. While a few profit-taking being triggered last week, expect the price to consolidate a bit before any break through.
The range 1832-45 is still valid.
S-T Resistance: 1850 / 1860
S-T Support: 1832 / 1820
Gold is running into a key technical resistance @ 1850. While a few profit-taking being triggered last week, expect the price to consolidate a bit before any break through.
The range 1832-45 is still valid.
S-T Resistance: 1850 / 1860
S-T Support: 1832 / 1820
Comment:
Gold reached a 2 week high of 1877 yesterday, and resistance seemed quite strong near 1880. Since gold passed the major resistance of 1860 on Monday, a Uptrend Channel(1) has formed, but it has just been breached(2) during Asian session today. The S-T upward trend has now finished. Following onward, expected the price to move sideway or begin to go down.
Major support is now @ 1860-1855(3), consider it to move sideway between 1860-1880(4); otherwise if the 1860 support is broken, it will further consolidate toward 1845.
S-T Resistance: 1870 / 1877-80
S-T Support: 1860-55 / 1845
Gold reached a 2 week high of 1877 yesterday, and resistance seemed quite strong near 1880. Since gold passed the major resistance of 1860 on Monday, a Uptrend Channel(1) has formed, but it has just been breached(2) during Asian session today. The S-T upward trend has now finished. Following onward, expected the price to move sideway or begin to go down.
Major support is now @ 1860-1855(3), consider it to move sideway between 1860-1880(4); otherwise if the 1860 support is broken, it will further consolidate toward 1845.
S-T Resistance: 1870 / 1877-80
S-T Support: 1860-55 / 1845
Comment:
Gold began to consolidate yesterday. Once it escaped the S-T Uprtrend channel, it has been touching 1860(1) during the Asian session. Price broke the support in European session (2), after a S-T retrace, it reached our 1st target @ 1845 & day low @ 1825.
Gold is under selling pressure while the US has failed the market expectation of releasing the coronavirus relief package. 1845-50 is once again turning into a resistance. Expect a range bound in S-T between 1830-45.
S-T Resistance: 1845-50 / 1860
S-T Support: 1830-32 / 1820
Gold began to consolidate yesterday. Once it escaped the S-T Uprtrend channel, it has been touching 1860(1) during the Asian session. Price broke the support in European session (2), after a S-T retrace, it reached our 1st target @ 1845 & day low @ 1825.
Gold is under selling pressure while the US has failed the market expectation of releasing the coronavirus relief package. 1845-50 is once again turning into a resistance. Expect a range bound in S-T between 1830-45.
S-T Resistance: 1845-50 / 1860
S-T Support: 1830-32 / 1820
Comment:
Price movement was within the expectation of 1830-45 throughout yesterday. It has reached day high @ 1849(1) in the US session after the initial jobless claim figure.
S-T selling pressure will continue while gold can't stay above the key resistance of 1850. Notice a S-T resistance trend line(2) has formed in the past 48 hours, and the Triangular pattern(3) became more significant after Thursday. On the hourly chart, expect the break through to happen in today's European or US session, latest Monday morning. Meanwhile, we can take advantage of the current pattern(3).
S-T Resistance: 1845-50 / 1860
S-T Support: 1830-32 / 1820
Price movement was within the expectation of 1830-45 throughout yesterday. It has reached day high @ 1849(1) in the US session after the initial jobless claim figure.
S-T selling pressure will continue while gold can't stay above the key resistance of 1850. Notice a S-T resistance trend line(2) has formed in the past 48 hours, and the Triangular pattern(3) became more significant after Thursday. On the hourly chart, expect the break through to happen in today's European or US session, latest Monday morning. Meanwhile, we can take advantage of the current pattern(3).
S-T Resistance: 1845-50 / 1860
S-T Support: 1830-32 / 1820
P. To
Price movement was close to expectation yesterday. It first consolidated toward 1820 (1) during European session, then rebound began. Major resistance @ 1845 (2) broke in US session reaching all the way to 1868, where S-T support @ 1860 (3) has formed in the past 12 hours.
Gold is now back to the 1860-1960(5) range. M-T can aim 1900/1930(6).
S-T Resistance: 1880 / 1900
S-T Support: 1860 / 1845-50