Gold jumped more than 1% last Friday. The price has traded in a tight range between 1817-21 in the Asian & European session last Friday before the US employment figures. It reached a 2-months high near 1843 and the market closed near 1831.
A new S-T support line(1) has been formed since the upward momentum accelerated after the price broke the 1800 resistance last week. However, the buying has slowed down at the closing of the last trading session and the price has broken the S-T support line(1) in the Asian session today. If the price can't break the S-T resistance line(2), it may soon consolidate toward 1824(3) once it crosses the current support at 1830.
Within our expected time frame, gold has finally reached the target of the double-bottom structure at 1840. The price is now resisting at the 250 days MA(5). Selling pressure so far is quite strong above 1830, where a long upper shadow(6) has formed on the daily chart. In order to maintain its course upward, the price needs to close above 1832 today, otherwise, the upper shadow(6) will serve as a reversal signal on the daily chart.
From an L-T perspective, gold had an 11%(8), over USD 192, rebound last Dec. From 1680, gold has so far rebounded 10%, USD 164, there may still be another USD 20-30 upside potential. Consider the price is not far from the L-T downward resistance line(7), it's about time to plan for the next major movement!
S-T Resistances:
1850
1840-43
1835
Market Price: 1831
S-T Supports:
1824
1820
1812
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A new S-T support line(1) has been formed since the upward momentum accelerated after the price broke the 1800 resistance last week. However, the buying has slowed down at the closing of the last trading session and the price has broken the S-T support line(1) in the Asian session today. If the price can't break the S-T resistance line(2), it may soon consolidate toward 1824(3) once it crosses the current support at 1830.
Within our expected time frame, gold has finally reached the target of the double-bottom structure at 1840. The price is now resisting at the 250 days MA(5). Selling pressure so far is quite strong above 1830, where a long upper shadow(6) has formed on the daily chart. In order to maintain its course upward, the price needs to close above 1832 today, otherwise, the upper shadow(6) will serve as a reversal signal on the daily chart.
From an L-T perspective, gold had an 11%(8), over USD 192, rebound last Dec. From 1680, gold has so far rebounded 10%, USD 164, there may still be another USD 20-30 upside potential. Consider the price is not far from the L-T downward resistance line(7), it's about time to plan for the next major movement!
S-T Resistances:
1850
1840-43
1835
Market Price: 1831
S-T Supports:
1824
1820
1812
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Comment:
Gold fell to as low as 1817 yesterday in the US session, but the closing price was unchanged from the day before, 1836. Gold has broken the support line(1) early in the Asian session today, showing the selling pressure is increasing. But so far, the buying support seems strong at below 1826 level, expect an 1820-45 range-bound for now. A new S-T downward resistance line(2) has formed in the past 24 hours, a break of this line may trigger a new round of buying,
The quick rebound from 1817 yesterday has created an almost USD 20 lower shadow line(4), a sign of the bull. If gold can ride the upward momentum from yesterday in the next 48 hours, it will be a good chance for gold to break the 250 days MA(3) and 1840, otherwise, if the price stays below the 250 days MA(3) and 1840 in the next 48 hours, the buying from yesterday will slowly be digested. Be patient for the new M-T trend to reveal itself.
S-T Resistances:
1840-43
1835
1830
Market Price: 1828
S-T Supports:
1824
1820
1812
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Gold fell to as low as 1817 yesterday in the US session, but the closing price was unchanged from the day before, 1836. Gold has broken the support line(1) early in the Asian session today, showing the selling pressure is increasing. But so far, the buying support seems strong at below 1826 level, expect an 1820-45 range-bound for now. A new S-T downward resistance line(2) has formed in the past 24 hours, a break of this line may trigger a new round of buying,
The quick rebound from 1817 yesterday has created an almost USD 20 lower shadow line(4), a sign of the bull. If gold can ride the upward momentum from yesterday in the next 48 hours, it will be a good chance for gold to break the 250 days MA(3) and 1840, otherwise, if the price stays below the 250 days MA(3) and 1840 in the next 48 hours, the buying from yesterday will slowly be digested. Be patient for the new M-T trend to reveal itself.
S-T Resistances:
1840-43
1835
1830
Market Price: 1828
S-T Supports:
1824
1820
1812
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Comment:
Gold fell below 1820 in choppy trading yesterday, within our expected range of 1820-1845. The trend is now shifting downward after the price has broken the support at 1820 before the market closing yesterday. The trading range for today has been lower to 1812-26, and it may move further down to 1796-1812 in the next 48 hours. Since the gold market has been choppy lately, the gold price may once again hit 1840, be cautious if the price break the 1826(1) resistance again.
After consecutive 4 days of rejection by 1840-45, a peak(2) at 1840 has finally been shaped on the daily chart. The price needs to drop below 1815 in order for an M-T downtrend to be formed, before that, expect 1815-40 range-bound for now.
S-T Resistances:
1830
1826
1820
Market Price: 1819
S-T Supports:
1815
1812
1810-09
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Gold fell below 1820 in choppy trading yesterday, within our expected range of 1820-1845. The trend is now shifting downward after the price has broken the support at 1820 before the market closing yesterday. The trading range for today has been lower to 1812-26, and it may move further down to 1796-1812 in the next 48 hours. Since the gold market has been choppy lately, the gold price may once again hit 1840, be cautious if the price break the 1826(1) resistance again.
After consecutive 4 days of rejection by 1840-45, a peak(2) at 1840 has finally been shaped on the daily chart. The price needs to drop below 1815 in order for an M-T downtrend to be formed, before that, expect 1815-40 range-bound for now.
S-T Resistances:
1830
1826
1820
Market Price: 1819
S-T Supports:
1815
1812
1810-09
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Comment:
Gold rebounded from the 1808 weekly low yesterday. The S-T trend hasn't changed much as the range is staying between 1812-26. After the price touched the low at 1808 with the market closed near 1826 yesterday, seems like buying orders is entering the market, the gold price may climb higher if it breaks the S-T resistance line(1).
As mentioned yesterday, the gold market is still awaiting for a new M-T trend to be developed on the daily chart. The range is maintaining in 1815-40 for now. The price has peaked at near 1840 and 1815 is the current support. Gold needs to break the support line(2) in order to confirm a M-T downward move.
S-T Resistances:
1830
1828
1825-26
Market Price: 1821
S-T Supports:
1820
1815
1812
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Gold rebounded from the 1808 weekly low yesterday. The S-T trend hasn't changed much as the range is staying between 1812-26. After the price touched the low at 1808 with the market closed near 1826 yesterday, seems like buying orders is entering the market, the gold price may climb higher if it breaks the S-T resistance line(1).
As mentioned yesterday, the gold market is still awaiting for a new M-T trend to be developed on the daily chart. The range is maintaining in 1815-40 for now. The price has peaked at near 1840 and 1815 is the current support. Gold needs to break the support line(2) in order to confirm a M-T downward move.
S-T Resistances:
1830
1828
1825-26
Market Price: 1821
S-T Supports:
1820
1815
1812
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Gold hovered near a 3-month peak yesterday. The price broke the S-T support line(1) early in the Asian session and reached a new high 1845 at the US session. Overall has gold traded between 1830-45 throughout the day with the market closed at 1835.
The S-T upward trend that's originated from 1766 has finished as the gold price escaped the support line(1), the buying should slow down for now. Although the price reached a new high yesterday at 1845, the buying wasn't strong above 1840. The support at 1830 is still standing firm, expect gold to trade between 1830-45 for a little bit longer before the market is ready for the next move.
The selling above 1835 is still running strong while the gold price failed to closed above 1835, the 250 days MA(2), for 2 conservative days. After the double-bottom structure is completed last week, a new M-T trend has yet to reveal. But one thing for sure, the resistance at 1840 & the 250 days MA(2) is strong so far.
S-T Resistances:
1850
1840-43
1835
Market Price: 1835
S-T Supprots:
1824
1820
1812
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