Gold rebounded from the bottom last Friday. The market opened near 1770, and the price had been trading between 1767-1775 throughout the trading day before the US session. After the US employment figures were released, the buying became stronger at the 1770 level(3). The price floated back upon 1780 soon and the day ended near 1783, up USD 15.
In the 1-hour chart, the rebound has begun since the price touched the bottom of the downtrend change(1) at 1761 last Thursday. The price has touched the top of the channel early in the Asian session and completed the rebound cycle. If the price can break the resistance of the downtrend channel in the coming 24 hours, expect the price to touch again 1793. The buying has been strong at 1770, the daily range should be able to maintain between 1770-93.
An S-T reversal signal(4) has appeared on the daily chart after the gold price closed above 1780 last Friday. The price should be able to touch the top of the 1770-95(5)range in the next 2 days.
S-T resistances:
1792-94
1788
1778-80
Market price: 1778
S-T Supports:
1774
1768-70
1760
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In the 1-hour chart, the rebound has begun since the price touched the bottom of the downtrend change(1) at 1761 last Thursday. The price has touched the top of the channel early in the Asian session and completed the rebound cycle. If the price can break the resistance of the downtrend channel in the coming 24 hours, expect the price to touch again 1793. The buying has been strong at 1770, the daily range should be able to maintain between 1770-93.
An S-T reversal signal(4) has appeared on the daily chart after the gold price closed above 1780 last Friday. The price should be able to touch the top of the 1770-95(5)range in the next 2 days.
S-T resistances:
1792-94
1788
1778-80
Market price: 1778
S-T Supports:
1774
1768-70
1760
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Comment:
Gold inched higher yesterday. The price had traded between 1777-1784 throughout the Asian/European session. At the opening of the US session, the price springboarded to day-low at 1771 then started to jump high. The price reached the day-high at 1787, with the day ending at 1783 up by USD 5.
The downtrend (1) originated from Nov. 26 is now ended by the price that broke out from the downtrend channel(1) yesterday. An uptrend channel(2) has newly been formed in the past 24 hours. But one thing worth noticing is that the upward momentum is eventually slowing down, from the previous trendline(2.1) to the current trendline (2). 1792(3) is the key resistance for S-T. 1780-1800(4) should be the trading range for the next 48 trading hours.
The reversal signal(5) is still valid. As the price cleared the selling resistance at 1787, gold is now entering a pattern of horizontal 1770-1795(6) range-bound on the daily chart. The daily closing price above 1795 will be the first sign of the pattern turning upward.
S-T Resistances:
1800
1795
1792-93
Market price: 1790
S-T Supprots:
1787
1780-82
1777
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Gold inched higher yesterday. The price had traded between 1777-1784 throughout the Asian/European session. At the opening of the US session, the price springboarded to day-low at 1771 then started to jump high. The price reached the day-high at 1787, with the day ending at 1783 up by USD 5.
The downtrend (1) originated from Nov. 26 is now ended by the price that broke out from the downtrend channel(1) yesterday. An uptrend channel(2) has newly been formed in the past 24 hours. But one thing worth noticing is that the upward momentum is eventually slowing down, from the previous trendline(2.1) to the current trendline (2). 1792(3) is the key resistance for S-T. 1780-1800(4) should be the trading range for the next 48 trading hours.
The reversal signal(5) is still valid. As the price cleared the selling resistance at 1787, gold is now entering a pattern of horizontal 1770-1795(6) range-bound on the daily chart. The daily closing price above 1795 will be the first sign of the pattern turning upward.
S-T Resistances:
1800
1795
1792-93
Market price: 1790
S-T Supprots:
1787
1780-82
1777
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Comment:
Gold pulled back from the 1-week high yesterday. The market opened near 1784 and the price had climbed to the day-high 1793 at the European session. The price stayed within 1780-85 during the US session, with the day ending at 1782 down by USD 2.
The price was rejected by 1792(1) yesterday, along with the S-T uptrend channel(2) remaining in place, the triangular pattern(3) should be the dominant pattern in the next 24 hours in the 1-hour chart.
The horizontal 1770-95 range(4) is still in effect in the daily chart. Yesterday's pullback(5) had shown that the selling above 1790 remains quite strong. As mentioned yesterday, the first sign of the pattern turning upward will be the daily closing price ending above 1795 (or even 1790 for now).
S-T Resistances:
1800
1792-94
1788
Market price: 1784
S-T Supports:
1778-80
1774
1768-70
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Gold pulled back from the 1-week high yesterday. The market opened near 1784 and the price had climbed to the day-high 1793 at the European session. The price stayed within 1780-85 during the US session, with the day ending at 1782 down by USD 2.
The price was rejected by 1792(1) yesterday, along with the S-T uptrend channel(2) remaining in place, the triangular pattern(3) should be the dominant pattern in the next 24 hours in the 1-hour chart.
The horizontal 1770-95 range(4) is still in effect in the daily chart. Yesterday's pullback(5) had shown that the selling above 1790 remains quite strong. As mentioned yesterday, the first sign of the pattern turning upward will be the daily closing price ending above 1795 (or even 1790 for now).
S-T Resistances:
1800
1792-94
1788
Market price: 1784
S-T Supports:
1778-80
1774
1768-70
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Gold was bounded by a tight range yesterday. The price had reached the day-high 1787 after the market opened at 1782 early in the Asian session. Thereafter, it had slowly consolidated and visited the day-low 1775 at the US session opening. The day finally ended at 1778, down by USD 5.
An S-T upward trendline(2) has been formed in the 1-hour chart since the price bottomed out last Thursday. In the past 24 hours, the price was rejected by the upper resistance of the downtrend channel and broke the support line(2). Failed to carry the uplifting momentum from Friday, the price may need to go down before it swings higher. The daily range should be able to maintain between 1770-93.
Although gold has touched a new S-T high on the daily chart, the day had failed to close with a gain yesterday. The reversal signal will remain in effect as long as the daily closing is above 1774(5). 1770-1795 remains the dominant pattern in the daily chat for now.
S-T Resistances:
1792-94
1788
1778-80
Market price: 1778
S-T Supports:
1774
1768-70
1760
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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