Gold surged to a weekly high last Friday, but the price pulled back shortly after the U.S. session opened. The price ended up closing below 1850 level.
For 2 straight days, gold price has pulled back over 20 dollars before the market closings. 2 very long upper shadow lines(1) have formed on the daily chart & the bottom foundation that has been built in the past 2 weeks is now deforming. If the supports @ 1840-35 can't sustain, the next support target will be at 1820.
S-T Resistance: 1850 / 1850
S-T Support: 1840 / 1832-30
For 2 straight days, gold price has pulled back over 20 dollars before the market closings. 2 very long upper shadow lines(1) have formed on the daily chart & the bottom foundation that has been built in the past 2 weeks is now deforming. If the supports @ 1840-35 can't sustain, the next support target will be at 1820.
S-T Resistance: 1850 / 1850
S-T Support: 1840 / 1832-30
Comment:
Affected by the increase in margins by the US exchange yesterday, the price of silver fell from the 6 months 's high, dragging the gold. Gold price began its fall from 1863 in the Asian session, broke the S-T support line(1) in the European session, and touched the day low @ 1829 at the opening hours of the U.S. session. The price closed at 1837. The price of gold still failed to break through the previous support area near 1835(2) on the hourly chart, and the range of 1840-1870 is still valid.
The round bottom that has been mentioning in the past 2 weeks continues its deformation on the daily chart. The current pattern is trending towards a horizontal pattern(3). But for the first time in 2 weeks, gold price closed below 1840, reflecting those buying used to support @ 1840 before days end are now vanish. With the price broke the upward support line(4) yesterday, signaling a weak trend. The closing prices will be key in the next two days. If the price fails to rebound upon the line(4) and break through the current S-T resistance of 5-days MA, the price will move lower in M-T.
S-T Resistance: 1845 / 1850
S-T Support: 1840 / 1835-30
Affected by the increase in margins by the US exchange yesterday, the price of silver fell from the 6 months 's high, dragging the gold. Gold price began its fall from 1863 in the Asian session, broke the S-T support line(1) in the European session, and touched the day low @ 1829 at the opening hours of the U.S. session. The price closed at 1837. The price of gold still failed to break through the previous support area near 1835(2) on the hourly chart, and the range of 1840-1870 is still valid.
The round bottom that has been mentioning in the past 2 weeks continues its deformation on the daily chart. The current pattern is trending towards a horizontal pattern(3). But for the first time in 2 weeks, gold price closed below 1840, reflecting those buying used to support @ 1840 before days end are now vanish. With the price broke the upward support line(4) yesterday, signaling a weak trend. The closing prices will be key in the next two days. If the price fails to rebound upon the line(4) and break through the current S-T resistance of 5-days MA, the price will move lower in M-T.
S-T Resistance: 1845 / 1850
S-T Support: 1840 / 1835-30
Comment:
Trading of gold was calm yesterday with the price fluctuating between 1830-1845 throughout the day. A sign of weakening as the price closed @ 1833, the second consecutive days that the price ended below 1840. The price broke the 1830-35(1) supporting zone this morning and a S-T resistance line(2) has formed in the past 24 hours. Although it has reached the target of 1820, the price has yet to find a new bottom.
The price broke the M-T upward support(3) the day before yesterday on the daily chart + closing below 1840 for 2 consecutive days, have finally trigger the drop this morning. If we measure the pervious horizontal trading range 1840-70 as a reference, the 1:1 target will be now sitting @ 1810(4). Also be aware of the all-time 250 days MA (5).
S-T Resistance: 1830 / 1840
S-T Support: 1820 / 1810-07
Trading of gold was calm yesterday with the price fluctuating between 1830-1845 throughout the day. A sign of weakening as the price closed @ 1833, the second consecutive days that the price ended below 1840. The price broke the 1830-35(1) supporting zone this morning and a S-T resistance line(2) has formed in the past 24 hours. Although it has reached the target of 1820, the price has yet to find a new bottom.
The price broke the M-T upward support(3) the day before yesterday on the daily chart + closing below 1840 for 2 consecutive days, have finally trigger the drop this morning. If we measure the pervious horizontal trading range 1840-70 as a reference, the 1:1 target will be now sitting @ 1810(4). Also be aware of the all-time 250 days MA (5).
S-T Resistance: 1830 / 1840
S-T Support: 1820 / 1810-07
Comment:
The fall officially began after breaking the 1830 support yesterday. It dropped to 1810 level at the European session, went further down to day low 1784 after the U.S market opened, and gold closed @ 1793 falling USD 39. The S-T resistance line(1) that formed 48 hours ago is still in effect with the decline accelerate to (2). Although the market has showed buying support at 1784 on the 1 hr chart, the price has yet to show sign of bottoming out.
Gold is in a M-T downtrend after breaking the upward support(3) on the daily chart. Awaiting to form a new bottom, the next support level is @ 1775.
S-T Resistance: 1800 / 1807-10
S-T Support: 1790 / 1784-80
The fall officially began after breaking the 1830 support yesterday. It dropped to 1810 level at the European session, went further down to day low 1784 after the U.S market opened, and gold closed @ 1793 falling USD 39. The S-T resistance line(1) that formed 48 hours ago is still in effect with the decline accelerate to (2). Although the market has showed buying support at 1784 on the 1 hr chart, the price has yet to show sign of bottoming out.
Gold is in a M-T downtrend after breaking the upward support(3) on the daily chart. Awaiting to form a new bottom, the next support level is @ 1775.
S-T Resistance: 1800 / 1807-10
S-T Support: 1790 / 1784-80
P. To @ 1uptick Analytic
Driven by the surge of silver, the gold price went strong yesterday. Open high @ 1862 from the weekend and reached day high @ 1872 in the European session. The rise in gold price is not as strong as silver, but when the price of silver falls, the gold price immediately follows with stronger reaction. The price is still maintaining within the range of 1840-70 on the 1-hr chart. A S-T support line(1) has formed in the pass 2 trading day, awaiting for the next move.
Sell orders can't dominate the market after the 2 pervious long upper shadow lines on the daily chart, last Friday's rise has created a M-T support line(2) with the support near 1845.
S-T Resistance: 1860 / 1870-75
S-T Support: 1850 / 1845-40