Gold broke out from 1950 last Friday. The day began at 1936, and the price had been rejected by 1950(1) throughout the Asian & European sessions in early trading. After the release of the better than expected US employment figures at the US session, buying orders came into the market. Once gold cleared all the resistance at 1950(2), the price went all the way and closed the market near day-high at 1969, ending the day up by USD 33.
The market opened today with a gap up, touched already 2001. Expecting the price to fill the gap toward 1970, just like last Monday. The range 1970-2000(3) should be the S-T range in the next 24 hours.
The trend remains upward on the daily chart. After the break out of 1950, the upside target should be at 2066, But before the price clears all the selling orders at 2000, the price will be range-bound by 1950-2000.
S-T Resistances:
2010
1997-2000
1990
Market price: 1985
S-T Supports:
1980
1975
1970
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To
The market opened today with a gap up, touched already 2001. Expecting the price to fill the gap toward 1970, just like last Monday. The range 1970-2000(3) should be the S-T range in the next 24 hours.
The trend remains upward on the daily chart. After the break out of 1950, the upside target should be at 2066, But before the price clears all the selling orders at 2000, the price will be range-bound by 1950-2000.
S-T Resistances:
2010
1997-2000
1990
Market price: 1985
S-T Supports:
1980
1975
1970
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To
Comment:
Gold run for the record high yesterday. The day began at 1997 early in the Asian session, and once it had breached the 2000 barrier, the price reached the early high at the 2020 level. The climb resumed at the US session, and it touched the day-high at 2070. The day finally ended at 2049, up by USD 52.
The high and low of 2020-70 at the US session yesterday has created an S-T trading range for today. Notice the gold price is not able to stay above 2062 for more than 15 mins so far. The buying was thin above 2060 with the actions dominated mainly by profit-taking. Before the next breakout, expect the price to be range-bound by 2030-60(3). If the price breaks the support of trendline(2) in S-T, the price will move toward the bottom of the range around 2030.
After the price cleared the major resistance 1950 last Friday, the price has reached our 2065 target yesterday. No reversal signal has yet appeared in the daily chart; the trend remains upward. Although the price is near the record high now, the price has more potential to move higher under the current market conditions. Before the breakout, expect the price to trade within 2000-65 range in the next two days,
S-T Resistances:
2068-72
2060
2055
Market price: 2053
S-T Supports:
2050
2040
2035
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To
Gold run for the record high yesterday. The day began at 1997 early in the Asian session, and once it had breached the 2000 barrier, the price reached the early high at the 2020 level. The climb resumed at the US session, and it touched the day-high at 2070. The day finally ended at 2049, up by USD 52.
The high and low of 2020-70 at the US session yesterday has created an S-T trading range for today. Notice the gold price is not able to stay above 2062 for more than 15 mins so far. The buying was thin above 2060 with the actions dominated mainly by profit-taking. Before the next breakout, expect the price to be range-bound by 2030-60(3). If the price breaks the support of trendline(2) in S-T, the price will move toward the bottom of the range around 2030.
After the price cleared the major resistance 1950 last Friday, the price has reached our 2065 target yesterday. No reversal signal has yet appeared in the daily chart; the trend remains upward. Although the price is near the record high now, the price has more potential to move higher under the current market conditions. Before the breakout, expect the price to trade within 2000-65 range in the next two days,
S-T Resistances:
2068-72
2060
2055
Market price: 2053
S-T Supports:
2050
2040
2035
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To
Comment:
Gold pulled back from near the record high yesterday. The market opened at 2050, early in the Asian session. The fall technically began once the price crossed the support trendline(1); it fell all the way to the 1st support at 2020. It only took a short while to clear the support at 2020 & 2000(2). Gold touched day low 1975 at the US session, and the trading day finished at 1991, up by USD 58.
As mentioned yesterday, profit-taking began at the US session the day before, and the action has continued in the past 36 hours. The consolidation yesterday has completely retraced the gain from Tuesday with the price currently supported at 1970. Unless the conflict can be settled in Ukraine, the strategy should remain as "buy low" every time the price drops. 1970-2000(3) will be the range in the early trading. Need to be cautious... the market will trigger a new round of selling if the price break the critical support of 1950.
A reversal signal(4) has appeared after the consolidation yesterday. The climb originated from 1780 on Jan. 28 is now officially over, ending this USD 290 rally on the daily chart. Under the current market situation, it is now easy for the price to drop very deep; expect the price to trade sideways for now, between 1950-2065(5).
S-T Resistances:
2020
2000-03
1990
Market price: 1980
S-T Supports:
1974-70
1960
1950
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To
Gold pulled back from near the record high yesterday. The market opened at 2050, early in the Asian session. The fall technically began once the price crossed the support trendline(1); it fell all the way to the 1st support at 2020. It only took a short while to clear the support at 2020 & 2000(2). Gold touched day low 1975 at the US session, and the trading day finished at 1991, up by USD 58.
As mentioned yesterday, profit-taking began at the US session the day before, and the action has continued in the past 36 hours. The consolidation yesterday has completely retraced the gain from Tuesday with the price currently supported at 1970. Unless the conflict can be settled in Ukraine, the strategy should remain as "buy low" every time the price drops. 1970-2000(3) will be the range in the early trading. Need to be cautious... the market will trigger a new round of selling if the price break the critical support of 1950.
A reversal signal(4) has appeared after the consolidation yesterday. The climb originated from 1780 on Jan. 28 is now officially over, ending this USD 290 rally on the daily chart. Under the current market situation, it is now easy for the price to drop very deep; expect the price to trade sideways for now, between 1950-2065(5).
S-T Resistances:
2020
2000-03
1990
Market price: 1980
S-T Supports:
1974-70
1960
1950
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To
Comment:
Gold stabled around the 1990 level yesterday. Carried the selling momentum from the day before, the market opened at 1991, and the price quickly touched the day low at 1970 early in the Asian session. The price rebounded to the day-high 2009 before entering the US session. The price was range-bound between 1970-2010 throughout the day, with the market closed at 1996, up slightly by USD 5.
The gold price has found its S-T support around the 1970 level. Profit-taking has slowed down in the past 24 hours, but those new long open positions have yet to enter the market. Expect the price to trade between 1970-2010(1) before the weekend. Buying will resume once the price can stay above 2000 for more than 24 hours after the market gets used to the current price level. In the next 48-72 hours, the price will still have a chance to consolidate further toward 1950 before it can springboard beyond 2000.
Since Gold pulled back from the record high the day before, Gold has not closed below 1990 so far on the daily chart. Before the trend develops further, expect the price to be range-bound between 1970-2065. It will signify Gold to fall further if the price closes below 1990(2).
S-T Resistances:
2020
2000-03
1990
Market price: 1988
S-T Supports:
1980
1974-70
1960
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To
Gold stabled around the 1990 level yesterday. Carried the selling momentum from the day before, the market opened at 1991, and the price quickly touched the day low at 1970 early in the Asian session. The price rebounded to the day-high 2009 before entering the US session. The price was range-bound between 1970-2010 throughout the day, with the market closed at 1996, up slightly by USD 5.
The gold price has found its S-T support around the 1970 level. Profit-taking has slowed down in the past 24 hours, but those new long open positions have yet to enter the market. Expect the price to trade between 1970-2010(1) before the weekend. Buying will resume once the price can stay above 2000 for more than 24 hours after the market gets used to the current price level. In the next 48-72 hours, the price will still have a chance to consolidate further toward 1950 before it can springboard beyond 2000.
Since Gold pulled back from the record high the day before, Gold has not closed below 1990 so far on the daily chart. Before the trend develops further, expect the price to be range-bound between 1970-2065. It will signify Gold to fall further if the price closes below 1990(2).
S-T Resistances:
2020
2000-03
1990
Market price: 1988
S-T Supports:
1980
1974-70
1960
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To
P. To
Gold eased from 2000. Back from the weekend, the market opened with a gap up at 1979 yesterday. The price first touched the 2000 barrier early in the Asian session. The price refilled the gap at the opening of the US session consolidated toward the day-low at 1960. The day ended at 1997, up by USD 27.
With the current situation in Ukraine, it is hard to find a reason for the gold price to go low. Gold has quickly approached the 2000 barrier after it broke the critical resistance at 1950 last Friday. Buying support was strong(2) yesterday at the US session while it was filling the gap from the week's open. The bull trend should continue, with 1970-2000(1) being the trading range before the price breaks out.
The bull trend continues with the overall structure remaining the same as yesterday. After the price breaks the key resistance at 1950, the upside target should be at 2065 on the daily chart.
S-T Resistances:
2010
1997-2000
1990
Market price: 1989
S-T Supports:
1980
1975
1970
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To