Gold was relatively stable last Friday, range-bounded within 1690-1700 throughout majority of the trading day. After the U.S. employment figures, the price then touched both day low & day high within 2 hours, 1687-1707. The week ended at 1698. On Friday, the price failed to carry the selling momentum from the day before as it is now trading back above the support line(1). Technically a confirmation of a false breakout will need to at least a S-T rebound, while the price is now back into the downward triangle, S-T target will be the resistance line(2).
Although the price is standing on top of the L-T support trend line(3) on the daily chart, the relatively weak volume and low volatility on Friday have not offered any significant indication to confirm whether a bottom has been formed. Gold is still trading within the M-T downtrend. While awaiting for a bottom out signal, we can aim for the 5 days MA(4) and the M-T resistance line(5) for a temporary rebound.
S-T Resistances:
1712
1705-07
1700
Market Price: 1698
S-T Supports:
1690
1686
1680
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Although the price is standing on top of the L-T support trend line(3) on the daily chart, the relatively weak volume and low volatility on Friday have not offered any significant indication to confirm whether a bottom has been formed. Gold is still trading within the M-T downtrend. While awaiting for a bottom out signal, we can aim for the 5 days MA(4) and the M-T resistance line(5) for a temporary rebound.
S-T Resistances:
1712
1705-07
1700
Market Price: 1698
S-T Supports:
1690
1686
1680
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Comment:
Gold rose over 2% yesterday. The market began near 1680 level, the price then broke the upper resistance(1) of the downward triangle pattern in the European session and escaped the resistance zone 1700-05 in the US session. The price touched day-high @ 1720 with the day ended at 1715. Gold has finally left the downward triangular pattern originated from 1759, the S-T downward trend is now came to an end. Aiming a range bound between 1690-1720 as a start for S-T; if the price break the resistance 1720, the trend will turn upward for S-T.
The long awaited bottom-out signal has finally appeared yesterday on the daily chart as the price closed well above the day-high and opening price of the previous trading day. If the price can cross the resistance 1720, the M-T resistance line(4) will be the next target. For the L-T trend, the price is once again standing above the L-T support line(3), the L-T down trend needs further development to be confirmed. The 10 days MA is the next resistance on the daily chart for now.
S-T Resistances:
1735
1727
1718-20
Market Price: 1712
S-T Supports:
1710
1705-00
1695
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Gold rose over 2% yesterday. The market began near 1680 level, the price then broke the upper resistance(1) of the downward triangle pattern in the European session and escaped the resistance zone 1700-05 in the US session. The price touched day-high @ 1720 with the day ended at 1715. Gold has finally left the downward triangular pattern originated from 1759, the S-T downward trend is now came to an end. Aiming a range bound between 1690-1720 as a start for S-T; if the price break the resistance 1720, the trend will turn upward for S-T.
The long awaited bottom-out signal has finally appeared yesterday on the daily chart as the price closed well above the day-high and opening price of the previous trading day. If the price can cross the resistance 1720, the M-T resistance line(4) will be the next target. For the L-T trend, the price is once again standing above the L-T support line(3), the L-T down trend needs further development to be confirmed. The 10 days MA is the next resistance on the daily chart for now.
S-T Resistances:
1735
1727
1718-20
Market Price: 1712
S-T Supports:
1710
1705-00
1695
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Comment:
The gold market was relatively quiet yesterday. The price has traded between 1710-1717 majority of the day until the US session. The buying has begun to enter the market after the releasing of the CPI figures. It then broke the key resistance 1720(1) & the day ended near day-high @ 1726. Buying momentum continues today early in the Asian session with the resistance line(2) broke. In the past 48 hours, a new S-T uptrend channel(3) has been formed. The price has already reached our S-T target, the 1735-40 resistance zone is now approaching.
The price is now reaching the M-T resistance line(4) on the daily chart. If resistance line(4) breaks, the next resistance will be at 1740(5) and the approaching 20 days MA(6). The bottom(7) for the L-T uptrend can now be confirmed after 2 days of rebound.
S-T Resistances:
1760
1750
1735-40
Market Price: 1731
S-T Supports:
1725-26
1720
1715
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The gold market was relatively quiet yesterday. The price has traded between 1710-1717 majority of the day until the US session. The buying has begun to enter the market after the releasing of the CPI figures. It then broke the key resistance 1720(1) & the day ended near day-high @ 1726. Buying momentum continues today early in the Asian session with the resistance line(2) broke. In the past 48 hours, a new S-T uptrend channel(3) has been formed. The price has already reached our S-T target, the 1735-40 resistance zone is now approaching.
The price is now reaching the M-T resistance line(4) on the daily chart. If resistance line(4) breaks, the next resistance will be at 1740(5) and the approaching 20 days MA(6). The bottom(7) for the L-T uptrend can now be confirmed after 2 days of rebound.
S-T Resistances:
1760
1750
1735-40
Market Price: 1731
S-T Supports:
1725-26
1720
1715
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Comment:
Gold has carried the buying momentum from the day before, it surged to day high 1740 in the European session yesterday. The price then started to consolidate during the US session, broke the S-T uptrend channel(1). It fell to day-low 1720 & ended the day at 1722. Gold price has escaped the S-T uptrend channel (1) signaling the completion of its climb from 1680. In the past 24 hours, a new S-T resistance line(2) has just been formed, downward momentum will continue until this line(2) being broken.
The price hit day-high 1740 and closed at 1722 yesterday. Serving as a reversal signal, a upper shadow line(3) of over 18 dollars has been formed on the daily chart. Selling pressure will remain in the market today. At the same time, gold was rejected by the M-T resistance line(4), the M-T downtrend will continue for gold. The price is now supporting at the 5 & 10 days MA(5) + the bottom support of 1705 zone.
S-T Resistances:
1730-31
1727
1720-22
Market Price: 1718
S-T Supports:
1713
1710
1705
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Gold has carried the buying momentum from the day before, it surged to day high 1740 in the European session yesterday. The price then started to consolidate during the US session, broke the S-T uptrend channel(1). It fell to day-low 1720 & ended the day at 1722. Gold price has escaped the S-T uptrend channel (1) signaling the completion of its climb from 1680. In the past 24 hours, a new S-T resistance line(2) has just been formed, downward momentum will continue until this line(2) being broken.
The price hit day-high 1740 and closed at 1722 yesterday. Serving as a reversal signal, a upper shadow line(3) of over 18 dollars has been formed on the daily chart. Selling pressure will remain in the market today. At the same time, gold was rejected by the M-T resistance line(4), the M-T downtrend will continue for gold. The price is now supporting at the 5 & 10 days MA(5) + the bottom support of 1705 zone.
S-T Resistances:
1730-31
1727
1720-22
Market Price: 1718
S-T Supports:
1713
1710
1705
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P. To
Once again influenced by the US stimulus news over the weekend, gold found itself slightly gapping high @ 1703 on Monday Asian session opening, reached the resistance line(2) with a day high @ 1714. But the buying was weak above 1710, the price has soon dropped below the gap(1) in the European session. Gold fell to a 8-months low @ 1676 in the US session & the day ended at 1683. The support line has now shifted from (4) to (5) in the past 24 trading hours since the false breakout(3). While the downward triangular pattern is tightening, we can expect a breakout very soon.
Gold is still trading in a M-T downtrend trend within zone (6) on the daily chart. The price broke the L-T support line(7) yesterday, setting both the M-T & L-T trends are now downward. A bottom-out signal is yet to be seen.
S-T Resistances:
1705
1697-1700
1690
Market Price: 1688
S-T Supports:
1680
1676
1665
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