Considering it was a non-farm night, the gold price was relatively stable last Friday. The market opened near 1791. Throughout the Aaisan and European session, the price has fluctuated in a USD 7 range between 1785-92. At the US session opening, the price touched a 2 week low near 1782 then rebounded. The day ended up at 1796, up slightly by USD 5.
The market doesn't seem to have a direction at the moment. The buying orders placed at 1785-87 are currently supporting the price in S-T. As time goes by, the triangle structure(3) is continuing to narrow down the price range. Expect the price to respect the pattern in the next 48-72 hours and 1785-92 should be the S-T range for today.
The price has touched 1787 for 2 consecutive days, however, the selling is not strong enough to keep the price below 1790 before the day's end. An S-T bottom out signal(4) has been formed on the daily chart. Unless the price can close below 1791(5), otherwise a S-T rebound will begin, target at 1800 or higher.
S-T Resistnaces:
1806
1800-1797
1795
Market price: 1793
S-T Supports:
1790
1785
1780
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 doesn't seem to have a direction at the moment. The buying orders placed at 1785-87 are currently supporting the price in S-T. As time goes by, the triangle structure(3) is continuing to narrow down the price range. Expect the price to respect the pattern in the next 48-72 hours and 1785-92 should be the S-T range for today.
The price has touched 1787 for 2 consecutive days, however, the selling is not strong enough to keep the price below 1790 before the day's end. An S-T bottom out signal(4) has been formed on the daily chart. Unless the price can close below 1791(5), otherwise a S-T rebound will begin, target at 1800 or higher.
S-T Resistnaces:
1806
1800-1797
1795
Market price: 1793
S-T Supports:
1790
1785
1780
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 continued to move up yesterday. The market opened near 1820. The price has first consolidated toward 1815 in the Asian and early European session. The price had begun its climb as the time get close to the US session. Once it broke out from the resistance line(3), the price traveled to day-high 1827. The day ended near 1825, up by USD 4.
The uplifting momentum has been accelerating in the past 48 hours, as the bottom support drifted from trendline(2) to trendline(2.1). The price needs to break the current resistance at 1825 in the next few hours during the European session in order to maintain its path above the support line(2.1), otherwise, the price will naturally escape the trendline(2.1) trigging an S-T consolidation, toward 1815-18.
The bottom support has also been shifted from trendline(5) to trendline(5.1) in the daily chart. Notice, yesterday was the second time in 2 months yesterday that the price has attempted to close above 1815. It will be a sign of the gold price breaking higher if gold is able to maintain its closing price within the area 1815-31(7) in the next 2 trading days. The 1835 resistance(8) remains the key barrier to stop the price from pushing higher at this moment.
S-T Resistances:
1835
1830-32
1825
Market price: 1824
S-T Supports:
1820
1815
1810
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 continued to move up yesterday. The market opened near 1820. The price has first consolidated toward 1815 in the Asian and early European session. The price had begun its climb as the time get close to the US session. Once it broke out from the resistance line(3), the price traveled to day-high 1827. The day ended near 1825, up by USD 4.
The uplifting momentum has been accelerating in the past 48 hours, as the bottom support drifted from trendline(2) to trendline(2.1). The price needs to break the current resistance at 1825 in the next few hours during the European session in order to maintain its path above the support line(2.1), otherwise, the price will naturally escape the trendline(2.1) trigging an S-T consolidation, toward 1815-18.
The bottom support has also been shifted from trendline(5) to trendline(5.1) in the daily chart. Notice, yesterday was the second time in 2 months yesterday that the price has attempted to close above 1815. It will be a sign of the gold price breaking higher if gold is able to maintain its closing price within the area 1815-31(7) in the next 2 trading days. The 1835 resistance(8) remains the key barrier to stop the price from pushing higher at this moment.
S-T Resistances:
1835
1830-32
1825
Market price: 1824
S-T Supports:
1820
1815
1810
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 rebounded after a brief sell-off yesterday. The market opened near day-high in 1825. The price has started to turn south as it entered the European session, touching the day-low around 1811 at the US session. At the day's end, the gold price rallied back to 1822, closed down by USD 3.
Overall the market is in line with our expectations, with the price consolidated toward 1815 after escaping the uptrend trendline(1) yesterday. Notice the rebound before the market closing yesterday was relatively strong, over USD 10. This rebound should be able to digest the first round of sell after it touched 1825 the day before. The price should be able to test a new weekly high today, aiming at 1833-35 for the 1st target.
Gold successfully defended the 1815 support yesterday. And the first bullish signal(4) has appeared on the daily chart after the rally. If the price can break out from 1835, 1870 will be in reach very soon. Be patient for now...
S-T Resistances:
1835
1830-32
1825
Market price: 1825
S-T Supports:
1820
1815
1810
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 rebounded after a brief sell-off yesterday. The market opened near day-high in 1825. The price has started to turn south as it entered the European session, touching the day-low around 1811 at the US session. At the day's end, the gold price rallied back to 1822, closed down by USD 3.
Overall the market is in line with our expectations, with the price consolidated toward 1815 after escaping the uptrend trendline(1) yesterday. Notice the rebound before the market closing yesterday was relatively strong, over USD 10. This rebound should be able to digest the first round of sell after it touched 1825 the day before. The price should be able to test a new weekly high today, aiming at 1833-35 for the 1st target.
Gold successfully defended the 1815 support yesterday. And the first bullish signal(4) has appeared on the daily chart after the rally. If the price can break out from 1835, 1870 will be in reach very soon. Be patient for now...
S-T Resistances:
1835
1830-32
1825
Market price: 1825
S-T Supports:
1820
1815
1810
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 rose a bit further yesterday. The week began at 1794 with the price trading between 1790-1800 thought-out the majority of the day. The price broke the resistance 1800 near the day's end and the day ended near 1801, up by USD 5.
The movement yesterday was in line with our expectations. For the moment, the trading range 1785-1808(1) is still valid with the price maintaining its path within the triangular pattern(2) in M-T. An S-T support line(3) has been formed in the past 24 hours, expect the price to test again 1808. If the price breaks the 1808 resistance, the price will be able to touch the next resistance line(2.1).
A rebound has been triggered yesterday by the bottoming signal(4) from last Friday. As the price is standing above 1800, the price should be able to touch again the top of the 1770-1815(5)range.
S-T Resistances:
1820-22
1815
1808-10
Market price: 1805
S-T Supports:
1800
1795
1790
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