Gold found the bottom support last Friday. The market had opened at 1744 in the Asian session, and the price had slowly climbed to the day-high at 1757 right before the US session. The price had fallen to day-low 1739 during the US session, with the day ended at 1750, up by USD 8.
As mentioned last Friday, the gold price is currently maintaining its path in the downtrend channel(2) on the 1-hour chart. A mini double-bottom pattern(1) has been formed by the price touched twice 1740 last week. As the price has broken out from the neck-line 1756, it is currently on its way traveling toward 1770.
The gold price has failed to break the 1750 support last week. While the price is now trading above the low of "wave 3", 1753(3.1) on the daily chart, the wave pattern(3) is now officially completed. Until the next move reveals, expect the price to stay within a horizontal zone(5), 1740-1780 for now, with trendline(4) being the S-T resistance.
S-T Resistances:
1770
1765
1760
Market price: 1759
S-T Supports:
1755
1750
1745
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As mentioned last Friday, the gold price is currently maintaining its path in the downtrend channel(2) on the 1-hour chart. A mini double-bottom pattern(1) has been formed by the price touched twice 1740 last week. As the price has broken out from the neck-line 1756, it is currently on its way traveling toward 1770.
The gold price has failed to break the 1750 support last week. While the price is now trading above the low of "wave 3", 1753(3.1) on the daily chart, the wave pattern(3) is now officially completed. Until the next move reveals, expect the price to stay within a horizontal zone(5), 1740-1780 for now, with trendline(4) being the S-T resistance.
S-T Resistances:
1770
1765
1760
Market price: 1759
S-T Supports:
1755
1750
1745
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Comment:
Gold broke out from the bottom yesterday. The price had begun its drop in between the Asian and European session after it broke the support at 1750. It touched the day-low 1727 at the US session opening, and the day ended near 1733.
Selling momentum began after the price has escaped the ST uptrend channel(1) yesterday. And the second round of selling has been triggered by the price broke out from this week's low 1740. Overall the trend is still trading within the downtrend channel(2) as we have been mentioning for a while now. As the price has gotten close to the bottom of the support, the downward momentum may have to slow down unless it can break clear from yesterday's low near 1727.
So far gold has experienced 4 major drops since the beginning of Sep. From the first drop of USD 52(6.1) to the third drop of USD 49(6.3), the drop will shrink to USD 27 (6.4) unless it can clear the support at 1730. If the price fails to break the support at 1730(7), the MT downtrend may have hit an ST bottom. Trendline(5) will be the key to the market shift.
S-T Resistances:
1755
1750
1743-45
Market price: 1740
S-T Supports:
1735
1729-30
1720
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Gold broke out from the bottom yesterday. The price had begun its drop in between the Asian and European session after it broke the support at 1750. It touched the day-low 1727 at the US session opening, and the day ended near 1733.
Selling momentum began after the price has escaped the ST uptrend channel(1) yesterday. And the second round of selling has been triggered by the price broke out from this week's low 1740. Overall the trend is still trading within the downtrend channel(2) as we have been mentioning for a while now. As the price has gotten close to the bottom of the support, the downward momentum may have to slow down unless it can break clear from yesterday's low near 1727.
So far gold has experienced 4 major drops since the beginning of Sep. From the first drop of USD 52(6.1) to the third drop of USD 49(6.3), the drop will shrink to USD 27 (6.4) unless it can clear the support at 1730. If the price fails to break the support at 1730(7), the MT downtrend may have hit an ST bottom. Trendline(5) will be the key to the market shift.
S-T Resistances:
1755
1750
1743-45
Market price: 1740
S-T Supports:
1735
1729-30
1720
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Comment:
Gold fell another USD 7 yesterday. The market opened at 1733. After the price rebounded to day-high 1745 in the early Asian/European session, it had begun its fall and touched a new monthly low 1726.
The price is still trading within the M-T downtrend channel in the 1-hours chart. The market is still pressured by the resistance line(3). Closing above 1733 and break out from trendline(3) will be the first sign of the downtrend bottoming out.
Two consecutive days of trading have accumulated USD 33 of fall on the daily chart. The selling momentum is slowing down, but the market is still waiting for the reversal signal to end the drop.
S-T Resistances:
1740
1735
1730
Market price: 1728
S-T Supports:
1725
1720-21
1712
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Gold fell another USD 7 yesterday. The market opened at 1733. After the price rebounded to day-high 1745 in the early Asian/European session, it had begun its fall and touched a new monthly low 1726.
The price is still trading within the M-T downtrend channel in the 1-hours chart. The market is still pressured by the resistance line(3). Closing above 1733 and break out from trendline(3) will be the first sign of the downtrend bottoming out.
Two consecutive days of trading have accumulated USD 33 of fall on the daily chart. The selling momentum is slowing down, but the market is still waiting for the reversal signal to end the drop.
S-T Resistances:
1740
1735
1730
Market price: 1728
S-T Supports:
1725
1720-21
1712
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Gold pulled back from the early climb yesterday. The market opened around 1750. The price surged to the day-high near 1760 at the European session and it had started to drop thereafter. The market ended at 1750, with a day-low touched 1744.
Although the price broke out from the 1756 resistance in the early session, the buying momentum has failed to follow through. Once it has sunk below 1756(1) again, the double bottom pattern that was formed earlier has been destroyed, and S-T selling orders have been triggered. The gold price is still running within the M-T downtrend channel(2) on the 1-hour chart. A new S-T uptrend channel(4) has been formed in the last 24 hours, wait for the break out of the S-T pattern.
The gold price needs to break the resistance line(5) to escape from the M-T downtrend. The price has been trading within a tight range around 1750 without a clear direction at the moment. Wait for the breakout, pay close attention to the closing price in the next 2 trading days. The bear will begin to dominate the market if the market closes below 1750; on the other hand, if the price closes above 1753 on the daily chart, the bull orders are moving in.
S-T Resistances:
1765
1760
1755
Market price: 1751
S-T Supports:
1750
1745
1740
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