Gold dropped to a new 2-month low yesterday. The price kept on rolling lower after the day began at 1899. At the US session opening, it broke out from last week's low, 1874, and touched the day-low at 1854. The price rebounded slightly before the day ending at 1862, down by USD 34.
Selling resumed yesterday on the 1-hour chart after the price had broken out from last week's low. We can expect the price to remain under pressure before the US Fed. Meeting. The downside target can be set at 1835-40 if the price can clear the buying support at the 1850-53 level.
The double-top pattern(2) still dominates the daily chart's price movement. The selling has resumed after the price retraced back to the double-top neckline(2.1). The 250 days MA(3) remains our target to the downside in S-T.
S-T Resistances:
1880
1874
1865
Market price: 1860
S-T Supports:
1855
1850
1843
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Selling resumed yesterday on the 1-hour chart after the price had broken out from last week's low. We can expect the price to remain under pressure before the US Fed. Meeting. The downside target can be set at 1835-40 if the price can clear the buying support at the 1850-53 level.
The double-top pattern(2) still dominates the daily chart's price movement. The selling has resumed after the price retraced back to the double-top neckline(2.1). The 250 days MA(3) remains our target to the downside in S-T.
S-T Resistances:
1880
1874
1865
Market price: 1860
S-T Supports:
1855
1850
1843
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Comment:
Gold rebounded from 1850 yesterday. The day began at 1868. Waiting for the result from US Fed. Meeting, the price has been trading in a tight range between 1862-72 throughout the day. Buying orders have started to enter the market after the US Fed. Announcement breaking the 1880(1) resistance, and went to the 1889 day-high. The day ended at 1881, up by USD 12.
Carried the buying momentum from the day's end yesterday, the price has broken out from the resistance trendline(2) early in the Asian session today. The downtrend originated from 1998 is now come to an end. Entering into the range-bound of 1880-1920(3) now, expect the price to touch the top of the range near 1920 in S-T.
After the rebound yesterday, gold has found its bottom on the daily chart. 1920(5) should be the 1st target for the upside. If the price goes beyond 1920 in the next few trading days, the downward trendline(6) should be the next target.
S-T Resistances:
1920
1915
1908-10
Market price: 1903
S-T Supports:
1900
1894
1890-88
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Gold rebounded from 1850 yesterday. The day began at 1868. Waiting for the result from US Fed. Meeting, the price has been trading in a tight range between 1862-72 throughout the day. Buying orders have started to enter the market after the US Fed. Announcement breaking the 1880(1) resistance, and went to the 1889 day-high. The day ended at 1881, up by USD 12.
Carried the buying momentum from the day's end yesterday, the price has broken out from the resistance trendline(2) early in the Asian session today. The downtrend originated from 1998 is now come to an end. Entering into the range-bound of 1880-1920(3) now, expect the price to touch the top of the range near 1920 in S-T.
After the rebound yesterday, gold has found its bottom on the daily chart. 1920(5) should be the 1st target for the upside. If the price goes beyond 1920 in the next few trading days, the downward trendline(6) should be the next target.
S-T Resistances:
1920
1915
1908-10
Market price: 1903
S-T Supports:
1900
1894
1890-88
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Comment:
Gold barely touched 1910 yesterday. Carried the buying momentum from the day before, gold has reached its early peak 1900 in the Asian session. After a brief consolidation during the European tradings, the buying resumed at the US session, pushing the price to the day-high 1910. But the buying momentum couldn't sustain; the price quickly went below 1900 with the day ending at 1876, down slightly by USD 4.
The US Fed Announcement has triggered the buying of gold; however, the climb was weaker than expected yesterday; the price had already turned south at 1910 and completely missed the key resistance of 1920. Expect the price to maintain within the 1865-1910 in S-T. Notice that the trading range has been narrowing down on the 1-hour chart since last Thursday; a triangle pattern(2) is now in effect before any breakout.
A bearish sign(3) has formed after the pullback yesterday. If the price fails to jump above the 100 days MA today, expect the price to touch again 1850(5) in the next few days or even lower toward the 250 days MA.
S-T Resistances:
1894
1888-90
1880
Market price: 1875
S-T Supprots:
1870
1865
1860
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Gold barely touched 1910 yesterday. Carried the buying momentum from the day before, gold has reached its early peak 1900 in the Asian session. After a brief consolidation during the European tradings, the buying resumed at the US session, pushing the price to the day-high 1910. But the buying momentum couldn't sustain; the price quickly went below 1900 with the day ending at 1876, down slightly by USD 4.
The US Fed Announcement has triggered the buying of gold; however, the climb was weaker than expected yesterday; the price had already turned south at 1910 and completely missed the key resistance of 1920. Expect the price to maintain within the 1865-1910 in S-T. Notice that the trading range has been narrowing down on the 1-hour chart since last Thursday; a triangle pattern(2) is now in effect before any breakout.
A bearish sign(3) has formed after the pullback yesterday. If the price fails to jump above the 100 days MA today, expect the price to touch again 1850(5) in the next few days or even lower toward the 250 days MA.
S-T Resistances:
1894
1888-90
1880
Market price: 1875
S-T Supprots:
1870
1865
1860
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Gold rallied from a new 2-month low yesterday. Carried the selling momentum from the day before, the market opened at 1863 and kept on falling early in the Asian session. The price finally touched the day-low 1850 at the European, and the rebound began. It touched the day-high 1878 at the US session with the day ended at 1868, up slightly by USD 5.
The selling seems to have slowed down early in the Asian session today while the price is now escaping the selling from trendline(1), which has just been formed in the last 24 hours, setting up a new range of 1850-80(3). Although the selling has halted in S-T, the overall trend is still bearish on the 1-hour chart. If the price broke the 1850 support later on today, we could aim for 1835 or even lower as the downside target. On the other hand, if the price fails to go below 1850 after the US Fed. Meeting today, the market will trigger a round of rebounds (profit taking) before the weekend; once it breaks the resistance of the trendline(2), the price will travel again toward 1920.
Buying support between 1850-60(4) is relatively strong as gold has been closing above 1860 for two consecutive days now. A temporary bottom has formed on the daily chart; if the price can't close below 1850 in the next 2-3 days, it will begin to settle down between the 1850-1920 range.
S-T Resistances:
1880
1874
1865
Market price: 1864
S-T Supports:
1855
1850
1843
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