Gold traded in a relatively tight range last Friday, bounded within 1735-44 most of the day & closed at 1744.
No major change, except the pervious key resistance 1740 has shifted up toward 1745. The price has broken the S-T uptrend channel(1) early in the Asian session today, the uplifting momentum from 1718 should temporary comes to an end. Before any breakout, the price should be bounded between the support from the uptrend channel(2) and the new S-T resistance line(3).
Still awaiting for a breakout, the price is range-bound between 1725-50(5) on the daily chart.
S-T Resistances:
1750
1745
1740
Market Price: 1738
S-T Supports:
1735
1728-30
1725
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No major change, except the pervious key resistance 1740 has shifted up toward 1745. The price has broken the S-T uptrend channel(1) early in the Asian session today, the uplifting momentum from 1718 should temporary comes to an end. Before any breakout, the price should be bounded between the support from the uptrend channel(2) and the new S-T resistance line(3).
Still awaiting for a breakout, the price is range-bound between 1725-50(5) on the daily chart.
S-T Resistances:
1750
1745
1740
Market Price: 1738
S-T Supports:
1735
1728-30
1725
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Comment:
Range-Bound continues.
Gold began its climb yesterday during the trading in Asian session, traded around 1740 for a few hours before its has broke the S-T support line(1) at the US session. It hit day low @ 1724 & the day ended @ 1727. The overall range-bound pattern has yet to change, however, the resistance line(2) is shifting downward. In the next 48 hours, the range should be widen from 1725-45 to 1720-45.
Before any breakout, trading should continue between 1725-50 on the daily chart.
S-T Resistances:
1740-42
1735
1730
Market Price: 1727
S-T Supports:
1725
1720-22
1715
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Range-Bound continues.
Gold began its climb yesterday during the trading in Asian session, traded around 1740 for a few hours before its has broke the S-T support line(1) at the US session. It hit day low @ 1724 & the day ended @ 1727. The overall range-bound pattern has yet to change, however, the resistance line(2) is shifting downward. In the next 48 hours, the range should be widen from 1725-45 to 1720-45.
Before any breakout, trading should continue between 1725-50 on the daily chart.
S-T Resistances:
1740-42
1735
1730
Market Price: 1727
S-T Supports:
1725
1720-22
1715
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Comment:
"S-T Resistance @ 1736"
Trading volume remained low yesterday for Gold, traded within a tight 15 dollars range. The pattern remains the same in the hourly chart, range-bound between 1720-45. Today during the Asian session, the price tried to climb back upon 1740 level, but selling pressure has been strong near 1736(1). A new S-T uptrend channel(2) has been formed in the past 24 hours. A new round of S-T selling will be triggered if the price break the support of channel (2).
The price is currently resisted by the 5 & 10 days moving average near 1734-35 on the daily chart. The overall range-bound structure has not changed, the market is still awaiting for the breakout,
S-T Resistances:
1750
1745
1740
Market Price: 1735
S-T Supports:
1735
1728-30
1725
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"S-T Resistance @ 1736"
Trading volume remained low yesterday for Gold, traded within a tight 15 dollars range. The pattern remains the same in the hourly chart, range-bound between 1720-45. Today during the Asian session, the price tried to climb back upon 1740 level, but selling pressure has been strong near 1736(1). A new S-T uptrend channel(2) has been formed in the past 24 hours. A new round of S-T selling will be triggered if the price break the support of channel (2).
The price is currently resisted by the 5 & 10 days moving average near 1734-35 on the daily chart. The overall range-bound structure has not changed, the market is still awaiting for the breakout,
S-T Resistances:
1750
1745
1740
Market Price: 1735
S-T Supports:
1735
1728-30
1725
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Comment:
Gold rallied between 1725-45 yesterday. The price was rejected by 1736 early in the Asian session, broke the support of the S-T uptrend channel(1) and went all the way down to 1725. Around the time of US session opening, gold started the rebound. It broke the resistance of 1736(2) and hit the high of 1745, but selling momentum can't carried on. Gold dropped back to day low 1722 and ended the day @ 1726.
As long as the gold is standing above the support level of 1720-22, the range-bound structure of 1720-45 will remain in place.
Although the price is maintaining it paths within the range of 1720-50 on the daily chart, a downward trend line(3) has been pushing the closing price lower & lower in the past few days. Unless the closing price of gold crosses this downward trend line(3) in the next 24-48 hours, the price may escape the range of 1720-50 & starting a new downward pattern.
S-T Resistances:
1740-42
1735
1728-30
Market Price: 1725
S-T Supports:
1725
1720-22
1715
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Gold rallied between 1725-45 yesterday. The price was rejected by 1736 early in the Asian session, broke the support of the S-T uptrend channel(1) and went all the way down to 1725. Around the time of US session opening, gold started the rebound. It broke the resistance of 1736(2) and hit the high of 1745, but selling momentum can't carried on. Gold dropped back to day low 1722 and ended the day @ 1726.
As long as the gold is standing above the support level of 1720-22, the range-bound structure of 1720-45 will remain in place.
Although the price is maintaining it paths within the range of 1720-50 on the daily chart, a downward trend line(3) has been pushing the closing price lower & lower in the past few days. Unless the closing price of gold crosses this downward trend line(3) in the next 24-48 hours, the price may escape the range of 1720-50 & starting a new downward pattern.
S-T Resistances:
1740-42
1735
1728-30
Market Price: 1725
S-T Supports:
1725
1720-22
1715
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P. To
Gold remained range-bound yesterday with a merely 21 dollar range. It opened high at 1747, fell to 1728 during the European session and rebound toward 1740 at the US session. The day ended at 1738.
The support of the uptrend channel(1) has finally been broken on the hourly chart, signaling the end of the climb originated from Mar. 09 & the official beginning of a range-bound period. A S-T support line(3)has formed since the price hit 1720 last Friday, and the resistance line(2) is still valid.
Nothing has changed, 1725-1750 is still the range on the daily chart.
S-T Resistances:
1750
1745
1740
Market Price: 1735
S-T Supports:
1735
1728-30
1725
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