Gold pulled back from the 4-weeks high yesterday. The price broke out from last Friday's high 1981(1) early in the Asian session and triggered a new round of S-T buying, pushing the price to the day-high of 1998 at the US session opening. But the day ended at 1978, below the resistance of 1980, up slightly by USD 6.
The buying above 1980 is not strong enough to keep the gold price above 1980 for closing yesterday. The uptrend from 1941 is now coming to an end while the price has crossed the support of trendline(2) in the Asian session today. Selling may start to come into the market in S-T, expect the price to touch again 1960 the bottom of the range(3) within the day.
Yesterday's pull-back has created a reversal signal(4) on the daily chart. Once the price goes below 1970, it will visit again 1960 or lower.
S-T Resistances:
1990
1978-80
1974-76
Market price: 1975
S-T Supports:
1970
1965
1960
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The buying above 1980 is not strong enough to keep the gold price above 1980 for closing yesterday. The uptrend from 1941 is now coming to an end while the price has crossed the support of trendline(2) in the Asian session today. Selling may start to come into the market in S-T, expect the price to touch again 1960 the bottom of the range(3) within the day.
Yesterday's pull-back has created a reversal signal(4) on the daily chart. Once the price goes below 1970, it will visit again 1960 or lower.
S-T Resistances:
1990
1978-80
1974-76
Market price: 1975
S-T Supports:
1970
1965
1960
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Comment:
Gold successfully defended the 1940 support yesterday. The day began at 1949. Carried the selling momentum from the US session the day before, the price touched the day-low early in the Asian session yesterday. The price was gradually moving higher during the European session. The day ended near day-high at 1957, up by USD 8.
Gold found its support at the 1941 level yesterday. The selling originated from 1980 the day before is temporarily slowing down, entering 1940-40(2) range-bound. The S-T downtrend is not 100% complete; the support at 1941-43 still holds the key; however, the buying below 1950 seems to be strong at the US session yesterday(1). If the buying momentum can go on today leading the day ending above 1950, the price should be above to touch again 1980 in the next 48 hours.
The 1950 support on the daily becomes significate after the really yesterday. It will be a sign to start an S-T surge toward 1974 if the price can close above 1957(4) on the daily chart.
S-T Resistances:
1974
1965-68
1957-60
Market price: 1952
S-T Supports:
1950
1941-40
1930
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Gold successfully defended the 1940 support yesterday. The day began at 1949. Carried the selling momentum from the US session the day before, the price touched the day-low early in the Asian session yesterday. The price was gradually moving higher during the European session. The day ended near day-high at 1957, up by USD 8.
Gold found its support at the 1941 level yesterday. The selling originated from 1980 the day before is temporarily slowing down, entering 1940-40(2) range-bound. The S-T downtrend is not 100% complete; the support at 1941-43 still holds the key; however, the buying below 1950 seems to be strong at the US session yesterday(1). If the buying momentum can go on today leading the day ending above 1950, the price should be above to touch again 1980 in the next 48 hours.
The 1950 support on the daily becomes significate after the really yesterday. It will be a sign to start an S-T surge toward 1974 if the price can close above 1957(4) on the daily chart.
S-T Resistances:
1974
1965-68
1957-60
Market price: 1952
S-T Supports:
1950
1941-40
1930
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Comment:
Gold rallied from 1940 again yesterday. The day began near the day-high at 1956, and the price was one-way downward during the trading at the Asian & European sessions. It touched a new weekly low at 1936 at the US session opening then the rebound started. The day ended at 1950, down by USD 6.
Although the price touched a new weekly low at 1936, the selling below 1940 was relatively weak. The range of 1940-60(1) is still in effect. If the price can clear the resistance at 1957-60 during the US session today, technically, the price will be able to reach again 1980.
The buying support below 1950 is relatively strong while the price has been closing above 1950 for the 3rd consecutive day. The M-T bottom support has shifted from 1920 to 1950 on the daily chart. Before the gold can touch the 2000 level again, the downward trendline(3) will hold the key for the next breakout move.
S-T Resistances:
1974
1965-68
1957-60
Market price: 1954
S-T Supprots:
1950
1941-40
1930
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Gold rallied from 1940 again yesterday. The day began near the day-high at 1956, and the price was one-way downward during the trading at the Asian & European sessions. It touched a new weekly low at 1936 at the US session opening then the rebound started. The day ended at 1950, down by USD 6.
Although the price touched a new weekly low at 1936, the selling below 1940 was relatively weak. The range of 1940-60(1) is still in effect. If the price can clear the resistance at 1957-60 during the US session today, technically, the price will be able to reach again 1980.
The buying support below 1950 is relatively strong while the price has been closing above 1950 for the 3rd consecutive day. The M-T bottom support has shifted from 1920 to 1950 on the daily chart. Before the gold can touch the 2000 level again, the downward trendline(3) will hold the key for the next breakout move.
S-T Resistances:
1974
1965-68
1957-60
Market price: 1954
S-T Supprots:
1950
1941-40
1930
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Gold pulled back further yesterday. The market opened at 1977 on Tuesday. Carried the bearish momentum from the US session the day before, the price broke out from the supporting trend(1) early in the Asian session. The drop yesterday officially began at the US session after it reached the day-high at 1981. The selling has accelerated as it cleared all the support at 1960(2). The price dropped to the day-low at 1943, and the day ended at 1949, down by USD 29.
Gold has fallen as expected, but the selling was stronger than we anticipated yesterday. Althought the price is now supporting at last week's low of 1941-43, a clear sign of bottoming out is yet to appear. A new round of selling toward 1915-20 will be triggered if the price clears the buying support at 1940; until then, 1940-60 should be the range.
The selling signal(4) is still in effect as the price has yet to show a reversal signal on the daily chart. The 50 days MA(5) & 1920 should be the upcoming support to the downside.
S-T Resistances:
1970-74
1960-64
1950
Market price: 1942
S-T Supports:
1930
1920
1915
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