Gold rebounded USD 14 yesterday. Back from the weekend, the market opened at 1774, and the price has traded mainly between 1770-80 throughout the Asian & European sessions. As the trading hours approached the US session, the price cleared the resistance at 1780 and jumped to the day-high at 1790. The day ended at 1788.
In the 1-hour chart, gold is still maintaining its path within the uptrend channel(1); however, the buying above 1790 has been weak since the US employment figures last Fri. An S-T resistance line(2) has formed in the past 24 hours; if the price clears the selling resistance from the line, the price should be able to reach 1800. On the other hand, if the price fails to stand above 1790 in the next 24 hours, gold may naturally escape the current uptrend channel, triggering a round of consolidation.
The rally yesterday has led gold to test the resistance of the downtrend channel(3) again, continued to tangle by the 1780-87 resistance zone. Notice that if the price stays above 1780, it will escape the downtrend channel(3), ending the bearish trend.
S-T Resistances:
1800
1795
1790
Market price: 1785
S-T Supports:
1780
1770-73
1765
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In the 1-hour chart, gold is still maintaining its path within the uptrend channel(1); however, the buying above 1790 has been weak since the US employment figures last Fri. An S-T resistance line(2) has formed in the past 24 hours; if the price clears the selling resistance from the line, the price should be able to reach 1800. On the other hand, if the price fails to stand above 1790 in the next 24 hours, gold may naturally escape the current uptrend channel, triggering a round of consolidation.
The rally yesterday has led gold to test the resistance of the downtrend channel(3) again, continued to tangle by the 1780-87 resistance zone. Notice that if the price stays above 1780, it will escape the downtrend channel(3), ending the bearish trend.
S-T Resistances:
1800
1795
1790
Market price: 1785
S-T Supports:
1780
1770-73
1765
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
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Gold was once again rejected by 1800 yesterday. The day began at 1794; the price has consolidation toward the day-low near 1794 before the buying picked up again. The price has reached the day-high near 1807 after the US released its inflation figures, however, buying failed to carry on. The day eventually ended at 1791, down slightly by USD 3.
The upward momentum has slowed down in the past 48 hours, and the resistance above 1800 is still relatively strong. Early in the Asian session today, gold left the uptrend channel(1) in the 1-hour chart, officially ending the uptrend that originated on July 21st from 1680. Until the next trend is formed, expect the price to trade in the 1773-1800 range-bound.
Meanwhile, gold has left and escaped the daily chart's downtrend channel(5). Entering a period of range-bound or consolidation, the buying around 1780-87 still supports the market. In the next two trading days, it will be the first sign of the price turning downward if the price close below 1780 on the daily chart.
S-T Resistances:
1800
1795
1790
Market price: 1789
S-T Supports:
1780
1770-73
1765
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