Gold fell more than 80 dollars last Friday. Following the selling momentum from pervious days, the price was under pressure throughout Asian session. It broke both the support of the M-T uptrend channel(1) and the L-T upward resistance(2) in European session. Since both major supports was broken, the market was under pressure. It went down further after a stronger than expected non-farm figure from the U.S. Day low touched 1827, closed @ 1848.
On the 1 hour chart, profit taking and buying caused the gold to rebound before the market closed @ 1847 on Friday. Rebound may continue on Monday, S-T resistance @ 1850(5) & 1866 - 38.2 retracement (6).
S-T Resistance: 1850 / 1867-70
S-T Support: 1940 / 1928-30
On the 1 hour chart, profit taking and buying caused the gold to rebound before the market closed @ 1847 on Friday. Rebound may continue on Monday, S-T resistance @ 1850(5) & 1866 - 38.2 retracement (6).
S-T Resistance: 1850 / 1867-70
S-T Support: 1940 / 1928-30
Comment:
Gold traded between 1840-1860 most of the day. It reached day high 1863 @ the European session and retraced to day low 1863 in the U.S. session, closing at 1851. The price is on a uplifting trend, however, the pacing has slowed down from its previous S-T uptrend channel(1) to a more gradual S-T channel (2).
The buying support below 1840 is still valid on the daily chart, and it is now approaching the 5 days & 50 days MA resistance.
S-T Resistance: 1863-67 / 1870
S-T Support: 1850 / 1840-41
Gold traded between 1840-1860 most of the day. It reached day high 1863 @ the European session and retraced to day low 1863 in the U.S. session, closing at 1851. The price is on a uplifting trend, however, the pacing has slowed down from its previous S-T uptrend channel(1) to a more gradual S-T channel (2).
The buying support below 1840 is still valid on the daily chart, and it is now approaching the 5 days & 50 days MA resistance.
S-T Resistance: 1863-67 / 1870
S-T Support: 1850 / 1840-41
Comment:
The price movement was relatively stable between 1850-60 most of yesterday, but went lower before market close @ 1844. Since the price broke the S-T uptrend channel(1) this morning, the S-T uplifting momentum is now gone with the new horizontal pattern 1830-60 is now in effect.
The closing price today will be the key for M-T movement on the daily chart. If the price close below 1840(3) today, all buying support @ 1840 closing will be cleared by the market. We can then expect selling pressure to increase in M-T.
S-T Resistance: 1850 / 1863-67
S-T Support: 1840-41 / 1830
The price movement was relatively stable between 1850-60 most of yesterday, but went lower before market close @ 1844. Since the price broke the S-T uptrend channel(1) this morning, the S-T uplifting momentum is now gone with the new horizontal pattern 1830-60 is now in effect.
The closing price today will be the key for M-T movement on the daily chart. If the price close below 1840(3) today, all buying support @ 1840 closing will be cleared by the market. We can then expect selling pressure to increase in M-T.
S-T Resistance: 1850 / 1863-67
S-T Support: 1840-41 / 1830
Comment:
Gold remained stable in the past 24 hours. The price has moved to daily low @ 1827 in early Asian session and recovered all the way to 1857 later during in the U.S. session. It has yet to show any sign of a break through in the 1 hour chart. Day traders can continues to take advantage of the 1830-1860 range.
The price has once failed to closed below 1840(1), buying support stays strong below 1840 on the daily chart.
S-T Resistance: 1850 / 1863-67
S-T Support: 1840-41 / 1830
Gold remained stable in the past 24 hours. The price has moved to daily low @ 1827 in early Asian session and recovered all the way to 1857 later during in the U.S. session. It has yet to show any sign of a break through in the 1 hour chart. Day traders can continues to take advantage of the 1830-1860 range.
The price has once failed to closed below 1840(1), buying support stays strong below 1840 on the daily chart.
S-T Resistance: 1850 / 1863-67
S-T Support: 1840-41 / 1830
P. To
Carrying the falling momentum from last Friday, gold dropped to a one-month low @ 1817 in early trading session yesterday, then has steadily rebounded in the European and U.S. session. S-T resistance is now @ 1850(1). In the past 24 hours, a S-T support line(2) has formed, we can expect a S-T break through movement today in the EU or U.S. session.
Two over 20 dollars lower shadow lines(3) on the daily chart reflect strong buying below 1840. The overall falling from 1959 may have already found the bottom...
S-T Resistance: 1850 / 1867-70
S-T Support: 1940 / 1928-30