Gold continued to move up last Thursday. It traded between 1705-1715 early during the Asian session, then broke the resistance of 1715(1) in the European session. The key move happened in the US session where the price crossed the major resistance of 1720(@) and hit day-high 1730. The day ended @ 1728. A limited volume was traded on Friday, traditionally by the middle market, with the price hit a high of 1739 and the price is now @ 1734.
A "v" shape rebound bought the price back upon 1720 again. If the buying momentum continues in the next 24 trading hours on Monday breaking the key resistance of 1736, the price should reaches 1745 or higher; otherwise, the price will resume range-bound between 1720-36 in coming days.
Yet to see a reversal signal on the daily chart, buying momentum should continues in the next few days. A double-bottom(3) is under development and it will only be confirmed once it break the neckline @ 1750, the process should takes at least 5-10 days; On the other hand, if the price can not get pass 1750, 1680-1750 should be the range for Gold in M-T.
S-T Resistances:
1745
1740-42
1736
Market Price: 1734
S-T Supports:
1730
1725
1722-20
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A "v" shape rebound bought the price back upon 1720 again. If the buying momentum continues in the next 24 trading hours on Monday breaking the key resistance of 1736, the price should reaches 1745 or higher; otherwise, the price will resume range-bound between 1720-36 in coming days.
Yet to see a reversal signal on the daily chart, buying momentum should continues in the next few days. A double-bottom(3) is under development and it will only be confirmed once it break the neckline @ 1750, the process should takes at least 5-10 days; On the other hand, if the price can not get pass 1750, 1680-1750 should be the range for Gold in M-T.
S-T Resistances:
1745
1740-42
1736
Market Price: 1734
S-T Supports:
1730
1725
1722-20
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Comment:
The spot gold market was relatively quiet yesterday, the price has been trading within 1736-1742 for the majority of the day. At the US session opening, the price dropped shortly to 1729 but quickly rebounded back to 1742. The ended at 1736.
Since the price escaped the upward support line(1), the price has entered the horizontal range of 1736-45. If the price breaks the 1736 support, the range will be widened to 1720-45.
Still awaiting the breakthrough on the daily chart. Once again as mentioned before, if the price break the upper resistance neckline at 1750 in the next 2 weeks, the double-bottom pattern will finally be formed, the target can be set at 1820; on the other hand, if the price can't stand above 1720, gold will enter a horizontal range-bound between 1680-1750.
S-T Resistances:
1750
1745
1740-42
Market Price: 1737
S-T Supports:
1736
1730-28
1722-20
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The spot gold market was relatively quiet yesterday, the price has been trading within 1736-1742 for the majority of the day. At the US session opening, the price dropped shortly to 1729 but quickly rebounded back to 1742. The ended at 1736.
Since the price escaped the upward support line(1), the price has entered the horizontal range of 1736-45. If the price breaks the 1736 support, the range will be widened to 1720-45.
Still awaiting the breakthrough on the daily chart. Once again as mentioned before, if the price break the upper resistance neckline at 1750 in the next 2 weeks, the double-bottom pattern will finally be formed, the target can be set at 1820; on the other hand, if the price can't stand above 1720, gold will enter a horizontal range-bound between 1680-1750.
S-T Resistances:
1750
1745
1740-42
Market Price: 1737
S-T Supports:
1736
1730-28
1722-20
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Comment:
Gold finally broke the 1745-50 resistance zone, however, the overall trading volume wasn't strong. The price opened at 1736 yesterday, it crossed the key resistance of 1745(1) during the European session. Then it climbed further breaking the resistance at 1750 at the US session opening and went all the way to a monthly high at 1758. The day ended at 1755.
Technically, gold was rejected by the peak of Mar. 18 at 1755(2) yesterday. And it is now due to an S-T consolidation, toward a newly formed S-T support line(3). Although the price broke the resistance zone of 1745-50, the trading volume yesterday didn't seem strong enough to support further climb. There is a chance that the price may consolidate toward 1745 or even lower before it goes up again.
Gold continued to push higher breaking the key resistance of 1750 on the daily chart, and the price is now entering a 'sensitive' zone between 1750-60(4). With the relatively weak volume, seem like the gold price may need to spend some time between 1750-60 before it can escape the zone. The 50 days Ma is also providing resistance on the daily chart for now.
S-T Resistances:
1765-68
1760
1755-57
Market Price: 1752
S-T Supprots:
1750
1745
1740
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Gold finally broke the 1745-50 resistance zone, however, the overall trading volume wasn't strong. The price opened at 1736 yesterday, it crossed the key resistance of 1745(1) during the European session. Then it climbed further breaking the resistance at 1750 at the US session opening and went all the way to a monthly high at 1758. The day ended at 1755.
Technically, gold was rejected by the peak of Mar. 18 at 1755(2) yesterday. And it is now due to an S-T consolidation, toward a newly formed S-T support line(3). Although the price broke the resistance zone of 1745-50, the trading volume yesterday didn't seem strong enough to support further climb. There is a chance that the price may consolidate toward 1745 or even lower before it goes up again.
Gold continued to push higher breaking the key resistance of 1750 on the daily chart, and the price is now entering a 'sensitive' zone between 1750-60(4). With the relatively weak volume, seem like the gold price may need to spend some time between 1750-60 before it can escape the zone. The 50 days Ma is also providing resistance on the daily chart for now.
S-T Resistances:
1765-68
1760
1755-57
Market Price: 1752
S-T Supprots:
1750
1745
1740
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P. To
Gold finally reached the 1745 target yesterday; the day opened @ 1728 and it has touched the early high @ 1738 during the European session. It broke the key resistance of 1736(1) at the US session & hitting day high. The day ended @ 1743.
The upward trend pattern from 1678 has been finished this morning while the price has escaped the support line(2). Expect the buying momentum to slow down for now & the price should trades in between 1736-45 in S-T; meanwhile, the range will be widened to 1720-45 if the price break the support at 1736 in the next 48 hours.
The double-bottom pattern on the daily chart is still under development with the price touched 1745 yesterday to finish the first phase. In order to complete the pattern, the price should now retrace toward 1725 & begin the second round of rebound to 1750 for a break toward 1820; if the price cannot pass the resistance of 1750 in the next 2 weeks, gold price will remain within 1680-1750 for range-bound.
S-T Resistances:
1750
1745
1740-42
Market Price: 1738
S-T Supports:
1736
1730-28
1722-20
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