Gold began its fall after the price has touched 1903 early in the European session last Friday. Since then, the buying support has vanished altogether and the price has kept rolling lower till the end of the US session, which ended the week at 1876.
As a result of the price has broken the S-T support line(1) and the lower than normal trading volume from the Chinese holiday in the Asian session, the price has dipped to as low as 1860 before the European session today. It is now supporting at the previous low around 1855-60. If the price can't break this support, the price may soon rebound to 1870 and 1876.
Gold has finally broken the support of the M-T support line(2) on the daily chart, ended the uptrend that's originated from Mar. 31. Before a new M-T trend is formed by the market, the price should bound between 1855-1910 for now.
S-T Resistances:
1875
1870
1865
Market price: 1861
S-T Supports:
1860
1855
1851
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As a result of the price has broken the S-T support line(1) and the lower than normal trading volume from the Chinese holiday in the Asian session, the price has dipped to as low as 1860 before the European session today. It is now supporting at the previous low around 1855-60. If the price can't break this support, the price may soon rebound to 1870 and 1876.
Gold has finally broken the support of the M-T support line(2) on the daily chart, ended the uptrend that's originated from Mar. 31. Before a new M-T trend is formed by the market, the price should bound between 1855-1910 for now.
S-T Resistances:
1875
1870
1865
Market price: 1861
S-T Supports:
1860
1855
1851
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Comment:
Gold continued to retreat yesterday. The price has traded between 1860-68 early in the Asian and European sessions until it broke the support at 1860 at the US session. Day-low touched 1851 and the day ended near 1858, down by USD 7.
Gold remained in the downward channel(1) on the 1-hr chart. Price should run between the resistance at 1867 and the S-T support line(2), before the US session today.
Gold escaped the range-bound of 1865-1900 yesterday as it was rejected by 1865(3) a few times. It is now settling in the downtrend channel(4) after the price has broken the M-T support line(6). If gold is able to break the support of the 250 days MA(5), the 1st retracement target should be around 1826(7).
S-T Resistances:
1870
1865
1860
Market Price: 1857
S-T Supports:
1855
1851
1844
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Gold continued to retreat yesterday. The price has traded between 1860-68 early in the Asian and European sessions until it broke the support at 1860 at the US session. Day-low touched 1851 and the day ended near 1858, down by USD 7.
Gold remained in the downward channel(1) on the 1-hr chart. Price should run between the resistance at 1867 and the S-T support line(2), before the US session today.
Gold escaped the range-bound of 1865-1900 yesterday as it was rejected by 1865(3) a few times. It is now settling in the downtrend channel(4) after the price has broken the M-T support line(6). If gold is able to break the support of the 250 days MA(5), the 1st retracement target should be around 1826(7).
S-T Resistances:
1870
1865
1860
Market Price: 1857
S-T Supports:
1855
1851
1844
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Comment:
Gold fell near USD 47 yesterday. The dropped was basically triggered by the Fed. meeting, from 1860 all the way to 1803 before the market ended at 1811.
The price was supported by the S-T support line(1) up to the Fed meeting. The S-T trend was a one-way down once the support(1) and the bottom of the downtrend channel(2) broke. A bottom near 1802 has formed yesterday before the market closing. The first round of rebounds has already completed in the Asian session at 1825 - 38.2 retracement(4). If the price stays above the current support level of 1820(3), the next rebound target will sit near the level of 1832(4) ; on the other hand, if the price cross the support of 1820. it may touch the low again.
As mentioned before, gold has entered a period of consolidation on the daily chart and it reached our target of 1826 yesterday. The trend will remain downward until a reversal signal occurs on the daily chart. The support sits at 1800-1803 for now.
The next few trading days will be key for the L-T trend development. Gold has escaped the L-T downtrend since it broke the resistance line(7). The price needs to go back upon line(7) in order to keep the L-T momentum upward (Scenario 1). However, if the price stays below line(7), it will turn out to be a false breakout then Scenario 2 will most likely be next.
S-T Resistances:
1840-44
1830-31
1825
Market Price: 1820
S-T Supports:
1815
1810
1803-05
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Gold fell near USD 47 yesterday. The dropped was basically triggered by the Fed. meeting, from 1860 all the way to 1803 before the market ended at 1811.
The price was supported by the S-T support line(1) up to the Fed meeting. The S-T trend was a one-way down once the support(1) and the bottom of the downtrend channel(2) broke. A bottom near 1802 has formed yesterday before the market closing. The first round of rebounds has already completed in the Asian session at 1825 - 38.2 retracement(4). If the price stays above the current support level of 1820(3), the next rebound target will sit near the level of 1832(4) ; on the other hand, if the price cross the support of 1820. it may touch the low again.
As mentioned before, gold has entered a period of consolidation on the daily chart and it reached our target of 1826 yesterday. The trend will remain downward until a reversal signal occurs on the daily chart. The support sits at 1800-1803 for now.
The next few trading days will be key for the L-T trend development. Gold has escaped the L-T downtrend since it broke the resistance line(7). The price needs to go back upon line(7) in order to keep the L-T momentum upward (Scenario 1). However, if the price stays below line(7), it will turn out to be a false breakout then Scenario 2 will most likely be next.
S-T Resistances:
1840-44
1830-31
1825
Market Price: 1820
S-T Supports:
1815
1810
1803-05
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Comment:
Gold fell another USD39 yesterday with a day-low touched 1767. The daily range was just like the day before with the day-high & day-low USD60 apart. It remains a one-way downtrend on the 1-hr chart, and a bottom has yet to form. The current rebound has begun from 1770, (1) & (2) should be the target for now.
Gold has completed the M-T 0.382 retracement(3) yesterday on the daily chart. The 100 days MA(4) should be the resistance for the current rebound from 1770. Still waiting for a bottom to be confirmed, and the price should bound between 1770-95 for today.
S-T resistances:
1800
1795
1790
Market price: 1788
S-T supports:
1780-82
1775
1750
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Gold fell another USD39 yesterday with a day-low touched 1767. The daily range was just like the day before with the day-high & day-low USD60 apart. It remains a one-way downtrend on the 1-hr chart, and a bottom has yet to form. The current rebound has begun from 1770, (1) & (2) should be the target for now.
Gold has completed the M-T 0.382 retracement(3) yesterday on the daily chart. The 100 days MA(4) should be the resistance for the current rebound from 1770. Still waiting for a bottom to be confirmed, and the price should bound between 1770-95 for today.
S-T resistances:
1800
1795
1790
Market price: 1788
S-T supports:
1780-82
1775
1750
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Gold dropped to as low as 1843 yesterday, but the price has rebounded quickly once the US session began. After 2 consecutive days of consolidation, an S-T downtrend(1) has been formed on the 1-hr chart. The upper resistance is now sitting near 1895.
The gold price is moving lower(3) after it has escaped the M-T support line(2). But the buying support is still strong below 1865(4) on the daily chart, and an M-T downtrend has yet to be formed. The market stays range-bound while the range is now narrowing down to 1865-1900.
S-T Resistances:
1875
1870
1865
Market Price: 1864
S-T Supports:
1860
1855
1851
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