Gold fell more than 2% on last Friday. The price has traded between 1755-65 early in the day before it started its drop @ the U.S. session. It touched 1716 for the day low & closed @ 1732. Gold has been under selling pressure from the S-T resistance line(1), a reversal signal for S-T will occur only if the price can cross the line(1). Golds has fallen exactly 100 USD since last Tuesday from 1816-1716, if it starts to rebound for S-T, 1st target will be @ 23.6%(1740).
The new round of selling official started last Thursday as the price broke the 1775(2) support at closing, and the drop resumed on Friday as it cross 1750(3) + broke the M-T support line(5) on the daily chart. A new M-T support line(4) has been formed. So far, if the buying momentum continued from last Friday's closing, the price will rebound toward the pervious support line(5). Meanwhile, in the next few trading days, if gold price stands above 1720, the price will retract to its pervious support around 1750-75 before the M-T downward trend resume.
S-T Resistances:
1765
1750
1740
Market Price: 1732
S-T Supports:
1730-28
1720
1715
The new round of selling official started last Thursday as the price broke the 1775(2) support at closing, and the drop resumed on Friday as it cross 1750(3) + broke the M-T support line(5) on the daily chart. A new M-T support line(4) has been formed. So far, if the buying momentum continued from last Friday's closing, the price will rebound toward the pervious support line(5). Meanwhile, in the next few trading days, if gold price stands above 1720, the price will retract to its pervious support around 1750-75 before the M-T downward trend resume.
S-T Resistances:
1765
1750
1740
Market Price: 1732
S-T Supports:
1730-28
1720
1715
Comment:
Carrying the selling momentum from the pervious day, gold broke the 1720(1) support in the early Asian session, caught a 8-months low @ 1706. However, selling has stopped once it got close to 1700, the price started to rebound. A key reversal occurred once it has crossed 1720-24. The gold market ended at 1738 yesterday. S-T support line(2)has just been broken, the surge from 1706 will temporary slow down. S-T resistance is now @ 1740 with a main support @ 1724.
Gold failed to close below 1720 yesterday, therefore, a new round of selling has never started on the daily chart. The market has responded the upper shadow line(3) from the day before with another lower shadow line(4) yesterday, a struggle between bulls and bears. Since Gold began its fall last Friday, the price made a low of 1706 after the 1759 high in the past 48 hours. A horizontal range between of 1705 to 1760 has now been formed.
S-T Resistances:
1765
1750
1740
Market Price: 1734
S-T Supports:
1730-28
1720
1715
Carrying the selling momentum from the pervious day, gold broke the 1720(1) support in the early Asian session, caught a 8-months low @ 1706. However, selling has stopped once it got close to 1700, the price started to rebound. A key reversal occurred once it has crossed 1720-24. The gold market ended at 1738 yesterday. S-T support line(2)has just been broken, the surge from 1706 will temporary slow down. S-T resistance is now @ 1740 with a main support @ 1724.
Gold failed to close below 1720 yesterday, therefore, a new round of selling has never started on the daily chart. The market has responded the upper shadow line(3) from the day before with another lower shadow line(4) yesterday, a struggle between bulls and bears. Since Gold began its fall last Friday, the price made a low of 1706 after the 1759 high in the past 48 hours. A horizontal range between of 1705 to 1760 has now been formed.
S-T Resistances:
1765
1750
1740
Market Price: 1734
S-T Supports:
1730-28
1720
1715
Comment:
Gold continued its bearish moving yesterday. The price broke the S-T support line(1) early in the Asian session and went lower along with the S-T resistance line(2). Once it passed the support @ 1720(3) before the U.S. session, it has gone all the way to day low 1701. In S-T, the price is bounded by the resistance line(2) with the support line(4), where buying support is quite strong below 1705.
The M-T downward trend is yet to finish on the daily chart. Although the price is still moving within the 1707-1759 range, it is a clear sign of the selling momentum accumulating, that it is the first time in in 8 months, the gold price has closed below 1720 level. If the price fail to retrace upon 1720 level in the next 24 hours, a new round of selling may begin.
S-T Resistances:
1731
1726
1720
Market Price: 1714
S-T Supports:
1710
1704-06
1700
Gold continued its bearish moving yesterday. The price broke the S-T support line(1) early in the Asian session and went lower along with the S-T resistance line(2). Once it passed the support @ 1720(3) before the U.S. session, it has gone all the way to day low 1701. In S-T, the price is bounded by the resistance line(2) with the support line(4), where buying support is quite strong below 1705.
The M-T downward trend is yet to finish on the daily chart. Although the price is still moving within the 1707-1759 range, it is a clear sign of the selling momentum accumulating, that it is the first time in in 8 months, the gold price has closed below 1720 level. If the price fail to retrace upon 1720 level in the next 24 hours, a new round of selling may begin.
S-T Resistances:
1731
1726
1720
Market Price: 1714
S-T Supports:
1710
1704-06
1700
Comment:
The gold price was relatively stable within the range of 1705-1720(1) throughout the day until it broke the support of 1705(2) in the middle of the U.S. session. Then, it crossed the major supports(4): 1700 and the support trend line(3), the price went all the way to day low 1689. The day ended at 1697. Gold got a new 8 months low, 1687, early in the Asian session toady. Rebound quickly, the price is now supporting @ 1690. In order to finish the drop in S-T, the key in the next 24 hours is to see whether the price can stay below 1700 & the trend line(3).
Gold has carried the selling momentum from the day before, it started a new round of selling yesterday. Once again, gold price in on M-T down trend since it has broken the support line(5) the week before on the daily chart. Gold price is now approaching the L-T support line(6), the U.S. employment figure may be the turning point for the next movement.
S-T Resistances:
1720
1705
1698-70
Market Price: 1693
S-T Supports:
1690
1686
1680
The gold price was relatively stable within the range of 1705-1720(1) throughout the day until it broke the support of 1705(2) in the middle of the U.S. session. Then, it crossed the major supports(4): 1700 and the support trend line(3), the price went all the way to day low 1689. The day ended at 1697. Gold got a new 8 months low, 1687, early in the Asian session toady. Rebound quickly, the price is now supporting @ 1690. In order to finish the drop in S-T, the key in the next 24 hours is to see whether the price can stay below 1700 & the trend line(3).
Gold has carried the selling momentum from the day before, it started a new round of selling yesterday. Once again, gold price in on M-T down trend since it has broken the support line(5) the week before on the daily chart. Gold price is now approaching the L-T support line(6), the U.S. employment figure may be the turning point for the next movement.
S-T Resistances:
1720
1705
1698-70
Market Price: 1693
S-T Supports:
1690
1686
1680
P. To
Triggered by the news of the U.S. stimulus, gold rebounded sharply early yesterday. It reached day high 1759 at the European session, then selling has begun. Gold price broke the market open price of 1732 in the U.S. session, the day ended @1724. It has crossed the support of 1720 early today, the next major support will be around 1700.
The early surge toward 1759 have satisfied the need of technical retracements after the price broke the M-T support line(2) & the pervious low of 1760(3). As mentioned yesterday, once the retracement is completed, a new round of selling will happen. Meanwhile, the selling yesterday from day high 1759 until the market's end has created a over 20 dollars upper shadow line(4). If the price stay below 1720 in the next 24 hours, the upper shadow line(4) will trigger another 24-35 decent.
S-T Resistances:
1730-28
1720
1715
Market Price: 1714
S-T Supports:
1710
1706
1700