The gold market finally closed above 1900 last Friday. The price was rejected by 1895 early in the day. A round of technically selling(2) was triggered by the break of the uptrend channel(2) at the US session opening, but the price quickly rebounded. Once it crossed the S-T resistance line(3), the price went straight to 1900 with the day ended at 1902.
The gold price is so far in line with expectations, that the price has reached the upper resistance of 1890-1910 early today after it broke the S-T resistance line(3). The uptrend channel(1) is still valid, resistance 1910-12 is the key resistance for now before the price goes further.
The price has finally closed above 1900, a sign of bull on the daily chart under the recent market pattern on the daily chart. The last peak 1912 will be the next resistance, following 1915, 1930, and 1960.
S-T Resistances:
1920
1915
1910
Market Price: 1909
S-T Supports:
1907
1900
1895
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The gold price is so far in line with expectations, that the price has reached the upper resistance of 1890-1910 early today after it broke the S-T resistance line(3). The uptrend channel(1) is still valid, resistance 1910-12 is the key resistance for now before the price goes further.
The price has finally closed above 1900, a sign of bull on the daily chart under the recent market pattern on the daily chart. The last peak 1912 will be the next resistance, following 1915, 1930, and 1960.
S-T Resistances:
1920
1915
1910
Market Price: 1909
S-T Supports:
1907
1900
1895
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Comment:
Gold retreated from the 5-month peak yesterday. The price was rejected by the resistance at 1915 early in the Asian/European session. It broke the support at 1900 at the US session, touched as low as 1892. The day ended at 1900.
The uptrend that originated from May 17 is now finished as the price has escaped the uptrend channel(1). Before a new trend being established, we can expect a trading range between 1880-1910 as a start. An S-T support line(2) has been formed by the market in the past 24 hours, if it breaks, expect the price to consolidate further down.
Gold has been hovering around 1900 for a few days now. After yesterday's fall, it seems like the gold market is preparing a round of consolidation on the daily chart. As mentioned yesterday, the near-term uptrend will be finished once the price breaks the S-T support line(4). The next 48 hours will be key, if it starts to fall, the 1st target will be at around 1865.
S-T Resistances:
1915
1910
1900
Market price: 1897
S-T Supports:
1892-90
1885
1880
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Gold retreated from the 5-month peak yesterday. The price was rejected by the resistance at 1915 early in the Asian/European session. It broke the support at 1900 at the US session, touched as low as 1892. The day ended at 1900.
The uptrend that originated from May 17 is now finished as the price has escaped the uptrend channel(1). Before a new trend being established, we can expect a trading range between 1880-1910 as a start. An S-T support line(2) has been formed by the market in the past 24 hours, if it breaks, expect the price to consolidate further down.
Gold has been hovering around 1900 for a few days now. After yesterday's fall, it seems like the gold market is preparing a round of consolidation on the daily chart. As mentioned yesterday, the near-term uptrend will be finished once the price breaks the S-T support line(4). The next 48 hours will be key, if it starts to fall, the 1st target will be at around 1865.
S-T Resistances:
1915
1910
1900
Market price: 1897
S-T Supports:
1892-90
1885
1880
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Comment:
Gold rebounded from 1895 yesterday. The price was supported by 1895(1) and the S-T support line(2.1) early in the day. It broke the resistance at 1900 and went all the way to 1908 once the US market opened. The market ended near day-high around 1908.
The range 1880-1910(3) that mentioned yesterday is still good. After the price rejected by 1909 yesterday, a new S-T resistance line(2.2) has been formed; together with the support at 1895(1), the new S-T trend on the 1-hr chart is now the triangle pattern(2). Until this pattern is broken, the tail of the triangle can extend all the way to Jun. 08.
Gold fails to carry the buying momentum from yesterday, and the price is once again below 1900 today. As mentioned yesterday, if the price is not able to close above 1900 by today, gold will escape the support of line(4) and enter a period of 1890-1910 range-bound(5).
S-T Resistances:
1915
1910
1900
Market Price: 1897
S-T Supports:
1892-90
1885
1880
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Gold rebounded from 1895 yesterday. The price was supported by 1895(1) and the S-T support line(2.1) early in the day. It broke the resistance at 1900 and went all the way to 1908 once the US market opened. The market ended near day-high around 1908.
The range 1880-1910(3) that mentioned yesterday is still good. After the price rejected by 1909 yesterday, a new S-T resistance line(2.2) has been formed; together with the support at 1895(1), the new S-T trend on the 1-hr chart is now the triangle pattern(2). Until this pattern is broken, the tail of the triangle can extend all the way to Jun. 08.
Gold fails to carry the buying momentum from yesterday, and the price is once again below 1900 today. As mentioned yesterday, if the price is not able to close above 1900 by today, gold will escape the support of line(4) and enter a period of 1890-1910 range-bound(5).
S-T Resistances:
1915
1910
1900
Market Price: 1897
S-T Supports:
1892-90
1885
1880
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Comment:
Gold slid over 2% yesterday. The market was opened near day-high 1908. The price has broken the bottom of the triangle pattern(1) early in the European session, showing a sign of weakness. It then dropped further to day-low 1864 at the US session, with the trading day ended at 1870, down by USD 37.
Gold has broken yesterday's low 1864 early in the Asian session today. The trading range for today can now be set between 1855-80 after it has touched 1855. For now, if the price can stand above 1870 in the coming European session, the price should be able to rebound to 1880 in S-T.
The uptrend originated from May 03 is now completed after the price has broken the support line(3) on the daily chart. The price has reached our 1st consolidation target of 1865(4) yesterday. While the price has touched the M-T support line(5) and quickly rebounded early in the Asian session today, the buying support seems to be strong below 1860. The price is currently resisting at the 20 days MA(6). If the price can stay above the 20 days MA in the next 24 hours, the day-low 1855 can be seen as a bottom on the daily chart, leading to a round of S-T rebound.
S-T Resistances:
1889-90
1880
1872
Market Price: 1870
S-T Supports:
1865
1860
1855
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Gold slid over 2% yesterday. The market was opened near day-high 1908. The price has broken the bottom of the triangle pattern(1) early in the European session, showing a sign of weakness. It then dropped further to day-low 1864 at the US session, with the trading day ended at 1870, down by USD 37.
Gold has broken yesterday's low 1864 early in the Asian session today. The trading range for today can now be set between 1855-80 after it has touched 1855. For now, if the price can stand above 1870 in the coming European session, the price should be able to rebound to 1880 in S-T.
The uptrend originated from May 03 is now completed after the price has broken the support line(3) on the daily chart. The price has reached our 1st consolidation target of 1865(4) yesterday. While the price has touched the M-T support line(5) and quickly rebounded early in the Asian session today, the buying support seems to be strong below 1860. The price is currently resisting at the 20 days MA(6). If the price can stay above the 20 days MA in the next 24 hours, the day-low 1855 can be seen as a bottom on the daily chart, leading to a round of S-T rebound.
S-T Resistances:
1889-90
1880
1872
Market Price: 1870
S-T Supports:
1865
1860
1855
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Gold was bounded by a tight USD8 range yesterday, up slightly with USD4 gain. The pattern on the 1-hr chart hasn't changed much while the price is remaining in the uptrend channel(1). The trading volume is not as high as last week so far, therefore, it might take a bit more time for the market to break the next resistance at 1915. The horizontal trading range has been shifted from 1900-1910 to 1905-1915(2).
Carrying the buying momentum from last Friday, the price has gained slightly back from the weekend, but we can still feel the hesitation of buying entering the market. So far, the price is supporting at the S-T support line(3) on the daily chart. The pattern will only change if this support line(3) is broken.
S-T Resistances:
1930
1920
1915
Market Price: 1912
S-T Supports:
1910
1907
1900
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