ZcomBullion

Gold Trend 26/07 - 30/07 (Review Daily)

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold has stayed once more in a tight range last Friday. The price opened near 1807 and has begun its way down before the European session opening. The price has rebounded at the US session after it has touched a weekly low near 1789. The day ended at 1802, down by USD4.

The price has been trading between 1794-1807(1) since last Wednesday. The buying momentum continues to accumulate below 1794, after the quick touch of 1790 last Friday. If the price breaks 1807, the price should be able to reach the S-T resistance line(3). A new structure(4) is being formed at the moment, considering the latest daily fluctuation, it should take at least 48-72 before it's confirmed. The key support level at 1790.


The daily closing price is still failing to shake off the 1802-1813 zone(6) on the daily chart . And after a few days of testing the support below 1800, a bottom has been forming now. Once the price breaks 1813 on the upside, it should be able to have a new S-T high again.

S-T Resistances:
1815
1810
1807

Market price: 1804

S-T Supports:
1800
1795
1790

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P. To
Comment:
Gold remained in a tight range yesterday, with the day ended at 1796 down by USD4.

The structure on the 1-hr chart hasn't changed much, where the S-T trading range remains in 1794-1810(1). Pattern (2) so far is still valid; however, the daily fluctuating range stays tight, the market may still need another 24-48 hours for the next breakthrough. After all, be aware of the support at 1790. It is a key level for the pattern (2) to deform.


The daily chart has a key structural change yesterday. It was the first time since July 16th the daily gold price has closed below 1800(6), finally escaping zone (7). A sign of a breakthrough coming soon, key support now sitting at 1790.

S-T Resistances:
1810
1805
1800

Market price: 1794

S-T Supports:
1794-5
1790
1785

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P. To
Comment:
Gold once again traded in a tight range yesterday with the price floated within USD12 and closed up by USD5.

Everyone should be able to take advantage of the range 1794-1810(1) in the past few trading days as the market is basically moving in line with our expectations without any surprises. The Fed. meeting later on today should be the stepping stone for the next structure on the 1-hour chart. Pattern (2) is still under development. As the price is now approaching the S-T resistance line (3), it should be able to touch again 1825 if the price breaks line(3). Must pay attention to the support at 1790(4). A new round of selling will be triggered if the price goes below 1790 after the Fed. news.


The horizontal range 1795-1825 is still good and the price is currently supported by the 100 days MA(5) on the daily chart. It broke the S-T resistance line(6) earlier today, as long as the buying momentum sustains later on after the Fed. meeting, the price should be able to revisit the top of the range near 1825 or even higher.

S-T Resistances:
1815
1810
1807

Market price: 1804

S-T supports:
1800
1795
1790

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P. To
Comment:
Gold started to rebound yesterday. The price has traded between 1794-1810 throughout the day until the US Fed. meeting. The day ended at 1806, up by USD 6.

As mentioned at the beginning of the week, it's about time for the price to break the S-T resistance line(1). The formation of the pattern (2) confirms now, 1st target for the climb should be near 1825 and the S-T resistance is now sitting at 1815-1818 just like last week.


The price is still bounded by the 1795-1825 range on the daily chart. After the price touched the bottom of the range 2 days back, the price should be able to reach the top of the range around 1815 now.

S-T Resistances:
1830
1815
1818

Market price: 1815

S-T Supprots:
1810
1805
1800

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P. To
Comment:
The gold price is now consolidating horizontally within 1825-1830 while the S-T uptrend(1) originated from Wednesday has finished today early in the Asian session. The trading strategy for today is relatively simple as the price approaching 1835. If the price breaks the 1835 resistance at the US session, the next target should be near 1845; on the other hand, if the buying momentum is not strong enough to push the price higher, the gold should remain within 1818-1835.


A new uptrend channel(5) has formed after the price began its rebound 2 days ago. The gold price has touched the top of the range near 1825 on the daily chart. The key resistance is now sitting at 1835.

S-T Resistances:
1845
1840
1833-25

Market price: 1828

S-T Supports:
1825
1820
1815

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P. To

Comments

Good jobs. Easy to understanding
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