Gold finally closed below 1840 last Friday on the daily chat. All the buying support below 1840 is now gone and sell pressure may starts to take control over the gold price. If the price break the 1820 support, the next support will be @ the 250 days moving average(1).
Comment:
The dovish comments by Yellen led the dollar to fall for 2 straight trading days.
Gold was on track of rebound yesterday, closing at 1838. The price broke the 1840 resistance in Asian session this morning. A S-T support has been formed(1) & the next resistance will be @ 1860.
The price is now back upon the support of 1840 on the daily chart. The M-T foundation bottom has been formed, the next resistance is now the 10 days MA(@).
S-T Resistanve: 1850 / 1858-60
S-T Support: 1840 / 1832-30
The dovish comments by Yellen led the dollar to fall for 2 straight trading days.
Gold was on track of rebound yesterday, closing at 1838. The price broke the 1840 resistance in Asian session this morning. A S-T support has been formed(1) & the next resistance will be @ 1860.
The price is now back upon the support of 1840 on the daily chart. The M-T foundation bottom has been formed, the next resistance is now the 10 days MA(@).
S-T Resistanve: 1850 / 1858-60
S-T Support: 1840 / 1832-30
Comment:
Expectations of an increased stimulus scheme from the US led the global investment market to surge high. Although the gold price dipped to the day low right before US session, it began to surge breaking the major resistance of 1860(1) during US session. Day closed at day high near 1871, buying momentum is expecting to continue today and the ST support line(2) that was formed 48 hours ago is still valid,
The next resistance is now the 20 days MA(3) on the daily chart & the L-T resistance(4) will be the next target.
S-T Resistance: 1875 / 1880-82
S-T Support: 1860/1850
Expectations of an increased stimulus scheme from the US led the global investment market to surge high. Although the gold price dipped to the day low right before US session, it began to surge breaking the major resistance of 1860(1) during US session. Day closed at day high near 1871, buying momentum is expecting to continue today and the ST support line(2) that was formed 48 hours ago is still valid,
The next resistance is now the 20 days MA(3) on the daily chart & the L-T resistance(4) will be the next target.
S-T Resistance: 1875 / 1880-82
S-T Support: 1860/1850
Comment:
Gold touched one of the key resistances @ 1875 (1) yesterday. The price bound between 20(1) & 50(2) day moving average thought out the day with merely 17 dollars range.
The S-T support line(3) was breached yesterday on the hourly chart, signaling the surge from 1801 is now completed. Unless some news breakout, expect a consolidation period to begin.
S-T Resistance: 1875 / 1880-82
S-T Support: 1860 / 1850
Gold touched one of the key resistances @ 1875 (1) yesterday. The price bound between 20(1) & 50(2) day moving average thought out the day with merely 17 dollars range.
The S-T support line(3) was breached yesterday on the hourly chart, signaling the surge from 1801 is now completed. Unless some news breakout, expect a consolidation period to begin.
S-T Resistance: 1875 / 1880-82
S-T Support: 1860 / 1850
P. To
Carrying the sell momentum from last Friday, gold went all the way down to 1801 early in Asian session. Price traded between 1830-40 majority of the day & it closed @ 1836. S-T resistance @ 1840 is still valid, where 1820-40 should be the range today.
Gold price closed at 1836 yesterday, and once again has created a long extended lower shadow(1) on the daily chart. If the buying support persists below 1840 in coming days, a bottom foundation(2) will most likely be formed in M-T for a rebound to start.
S-T Resistance: 1840 / 1850
S-T Support: 1830-32 / 1820