The pattern has restructured on the daily chart after another weaker-than-expected US employment and manufacturing figures.
The gold price cleared the selling orders at the 20-day MA and the resistance at 1980, signalling a new round of upward movement. The price rebounded early Asian session surpassing 1960, and traded between 1961-67 before the US session. The employment data (initial jobless claims) turned out to be worse than expected at the US session opening, putting pressure on the US dollar and bond yields. Gold broke out from the S-T resistance (1), showing a sign of bull. The price has continued to rise after US industrial and manufacturing data, cleared the resistance zone of 1976-1980 (2). The day closed at 1981, up by US$21, stabilizing above 1980.
1-hr chart - After the gold price broke through the S-T resistance line (1), the upward momentum resumed. A new upward channel (3) has just formed in the past 24 hours, with the intraday trading range being set between 1980 and 2000 (4).
Daily chart - I have repeatedly mentioned the 20-day MA in the past few days; finally, the gold price broke out from the 20-day MA(7) yesterday. The reversal signal(5) is now completely invalidated, indicating a reforming of the overall structure. As the price is trading above 1980, the momentum trend has turned upwards. Support is now at 1980 on the daily chart, with the downward resistance line (6) in sight.
S-T Resistances:
2000
1995
1988-90
Market price: 1985
S-T Supports:
1980
1973-75
1970
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The gold price cleared the selling orders at the 20-day MA and the resistance at 1980, signalling a new round of upward movement. The price rebounded early Asian session surpassing 1960, and traded between 1961-67 before the US session. The employment data (initial jobless claims) turned out to be worse than expected at the US session opening, putting pressure on the US dollar and bond yields. Gold broke out from the S-T resistance (1), showing a sign of bull. The price has continued to rise after US industrial and manufacturing data, cleared the resistance zone of 1976-1980 (2). The day closed at 1981, up by US$21, stabilizing above 1980.
1-hr chart - After the gold price broke through the S-T resistance line (1), the upward momentum resumed. A new upward channel (3) has just formed in the past 24 hours, with the intraday trading range being set between 1980 and 2000 (4).
Daily chart - I have repeatedly mentioned the 20-day MA in the past few days; finally, the gold price broke out from the 20-day MA(7) yesterday. The reversal signal(5) is now completely invalidated, indicating a reforming of the overall structure. As the price is trading above 1980, the momentum trend has turned upwards. Support is now at 1980 on the daily chart, with the downward resistance line (6) in sight.
S-T Resistances:
2000
1995
1988-90
Market price: 1985
S-T Supports:
1980
1973-75
1970
If you like my work, kindly give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
P. To