After the price hit a 2 months low last Thursday, it has rebounded quickly in the following day breaking the S-T resistance line(1). It jumped over 10 USD in the European session reaching the 250 days MA and the 1810 resistance. The U.S. jobs report signaled slow recovery and buying support has begun to come in @ below 1800(2). A S-T support line(3) formed in the past 24 trading hours. With the price approaching the pervious S-T resistance line(4), a break through of the triangle can decide the price movement for the next few days.
The M-T trend is downward after it broke the M-T support line(4) last week. Although the price rebounded last Friday, it needs to stand above the 250 days MA (5) in the next 24 hours to confirm a bottom being formed. S-T resistance is now @ 1820 + the 5 day MA(6).
S-T Resistance: 1820 / 1830
S-T Support: 1810-08 / 1800
The M-T trend is downward after it broke the M-T support line(4) last week. Although the price rebounded last Friday, it needs to stand above the 250 days MA (5) in the next 24 hours to confirm a bottom being formed. S-T resistance is now @ 1820 + the 5 day MA(6).
S-T Resistance: 1820 / 1830
S-T Support: 1810-08 / 1800
Comment:
Price continued to rebound yesterday, but selling resistance was starting to kick-in above 1840. It broke through the pervious day's high of 1840 in the early Asian session, testing the resistance zone(2) yet failed to break through during the European and the US session. In ST, the price is still on an upward trend along the ST support line(1), and the resistance zone(2) is on the upper side. Expect a break through on either side in the next 24 hours.
The price must surge above the resistance line(3) to get rid of the MT downward trend on the daily chart, otherwise, the currently rebound from 1784 can only be classified as a ST pull back of the MT support line(3) breaking through . The 20 days MA(4) may be the key for the next movement.
S-T Resistance:
1854
1850
1840-48
Market Price now: 1842
S-T Support:
1833-30
1820-22
1810
Price continued to rebound yesterday, but selling resistance was starting to kick-in above 1840. It broke through the pervious day's high of 1840 in the early Asian session, testing the resistance zone(2) yet failed to break through during the European and the US session. In ST, the price is still on an upward trend along the ST support line(1), and the resistance zone(2) is on the upper side. Expect a break through on either side in the next 24 hours.
The price must surge above the resistance line(3) to get rid of the MT downward trend on the daily chart, otherwise, the currently rebound from 1784 can only be classified as a ST pull back of the MT support line(3) breaking through . The 20 days MA(4) may be the key for the next movement.
S-T Resistance:
1854
1850
1840-48
Market Price now: 1842
S-T Support:
1833-30
1820-22
1810
Comment:
Gold has reached a new weekly high @ 1855 after the released of the U.S. CPI figurers yesterday. However, the buying momentum can't be sustained above 1850 with the price fell right back below 1850, with the market closed @ 1842. The rebound from 1784 is now completed as the price has broken the S-T support line(1) on the 1-hr chart. In the past 48 hours, gold has been trading between 1834-1850(2). If it breaches the support @ 1834, the next supporting level will be @ 1820.
The price is still unable to cross the M-T resistance line(3) on the daily chart, therefore, the M-T price trend can still be seen as downward. Selling pressure has been quite obvious above 1840 before days end each day, & the price is currently supporting @ the 5 & 10 days MA around (1832-33) level.
S-T Resistance:
1855
1850
1840-43
Market Price Now: 1835
S-T Support:
1833-30
1820-22
1810
Gold has reached a new weekly high @ 1855 after the released of the U.S. CPI figurers yesterday. However, the buying momentum can't be sustained above 1850 with the price fell right back below 1850, with the market closed @ 1842. The rebound from 1784 is now completed as the price has broken the S-T support line(1) on the 1-hr chart. In the past 48 hours, gold has been trading between 1834-1850(2). If it breaches the support @ 1834, the next supporting level will be @ 1820.
The price is still unable to cross the M-T resistance line(3) on the daily chart, therefore, the M-T price trend can still be seen as downward. Selling pressure has been quite obvious above 1840 before days end each day, & the price is currently supporting @ the 5 & 10 days MA around (1832-33) level.
S-T Resistance:
1855
1850
1840-43
Market Price Now: 1835
S-T Support:
1833-30
1820-22
1810
Comment:
Gold price was stable above 1840 during the day yesterday. It touched the day high, 1847, at the U.S. session opening & began its slide right after. Once the price has broken the support @ 1834(1), it went all the way to our target 1820 level. The market closed @ 1825. Gold is once again touching the support of 1820 today in the Asian session. If it fails to get pass, the rebound should reaches 1830-34 in S-T. The lower supporting target is now @ 1808-1810.
M-T trend remains downward on the daily chart. The price is currently supporting @ 1820, and below its is supporting at the 250 days MA(3) & the M-T support line(4).
S-T Resistance:
1850
1840
1830-35
Market Price: 1821
S-T Support:
1820
1812-08
1800-1795
Gold price was stable above 1840 during the day yesterday. It touched the day high, 1847, at the U.S. session opening & began its slide right after. Once the price has broken the support @ 1834(1), it went all the way to our target 1820 level. The market closed @ 1825. Gold is once again touching the support of 1820 today in the Asian session. If it fails to get pass, the rebound should reaches 1830-34 in S-T. The lower supporting target is now @ 1808-1810.
M-T trend remains downward on the daily chart. The price is currently supporting @ 1820, and below its is supporting at the 250 days MA(3) & the M-T support line(4).
S-T Resistance:
1850
1840
1830-35
Market Price: 1821
S-T Support:
1820
1812-08
1800-1795
P. To
Gold continued to rebound yesterday. It has broken through both the S-T resistance line(1) & the 5 days MA(4) before the U.S. session and has gone all the way up to day high 1839, with the market ended at 1830. The price is currently testing the 1840-45 zone(2), if the price fails to cross, the S-T retracement target will be the S-T support line(3).
The price has been blocking by the 20 days MA(5) while it tests the day high again. The next target will be the M-T resistance line(6) @ around 1850, then the price will complete the pullback after the breaking of (7).
Resistance:
1854
1850
1840-45
Market Price Now: 1840
Support:
1833-30
1820-22
1810