Gold pulled back from a new weekly high last Friday. The market opened at 1821 and the price reached the day-high before the European session early in the trading day. Once the US released the retail sales figures, the price has begun to turn weak. It touched again 1815 and the market ended at 1817, down by USD 4.
The price tested a new high again last Friday but was once again rejected by the resistance zone 1825-28(2). As the price broke the support trendline(1), the buying momentum is slowing down. Expect the price to bounce between 1815-28(3) for now.
Gold successfully defended the 1815 support, maintaining its position between 1815-31(5) trading zone in the daiy chart. As long as the price stands above 1815, we can still expect the price to springboard higher. Be patient...
S-T Resistances:
1830-32
1825
1820
Market price: 1819
S-T Supports:
1815
1810-08
1802-00
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The price tested a new high again last Friday but was once again rejected by the resistance zone 1825-28(2). As the price broke the support trendline(1), the buying momentum is slowing down. Expect the price to bounce between 1815-28(3) for now.
Gold successfully defended the 1815 support, maintaining its position between 1815-31(5) trading zone in the daiy chart. As long as the price stands above 1815, we can still expect the price to springboard higher. Be patient...
S-T Resistances:
1830-32
1825
1820
Market price: 1819
S-T Supports:
1815
1810-08
1802-00
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Comment:
Gold surged over USD 26 yesterday. The day has started at 1813. Early in the Asian session, the price was traded between 1810-15. The climb has officially begun after the price broke out from 1820 and the resistance trendline(1) at the European session. Buying accelerated at the US session, and the price reached day-high near market closing at 1843, the day ended at 1840.
Expect the upward momentum to continue in S-T as gold has just escaped the 3 weeks resistance at 1830(2) yesterday. The price should test again a new high today, with 1830-50(3) becoming the trading zone for now.
In line with our expectations, the flag shape pattern (5) continues to develop in the daily chart. The uptrend channel(4) should dominate the daily chart in M-T.
S-T Resistances:
1855
1850
1840-43
Market price: 1839
S-T Supprots:
1835
1830-28
1825
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Gold surged over USD 26 yesterday. The day has started at 1813. Early in the Asian session, the price was traded between 1810-15. The climb has officially begun after the price broke out from 1820 and the resistance trendline(1) at the European session. Buying accelerated at the US session, and the price reached day-high near market closing at 1843, the day ended at 1840.
Expect the upward momentum to continue in S-T as gold has just escaped the 3 weeks resistance at 1830(2) yesterday. The price should test again a new high today, with 1830-50(3) becoming the trading zone for now.
In line with our expectations, the flag shape pattern (5) continues to develop in the daily chart. The uptrend channel(4) should dominate the daily chart in M-T.
S-T Resistances:
1855
1850
1840-43
Market price: 1839
S-T Supprots:
1835
1830-28
1825
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Comment:
Gold stalled near the 2-months high. The market opened at 1840, and the price has been bounded between 1835-40 throughout the Asian & European session. The gold price brushed to a new 2-months high at the US session, however, the buying momentum hasn't been able to follow through. The day ended at 1839, practically unchanged from the previous day.
Trading was in line with our expectations yesterday, where the price has touched a new high but stayed underneath 1850. The price should stay below the 1850 barrier before the weekend. Expect the price to maintain its path within 1830-50, consolidating toward the bottom of the range 1830-35 within the day.
An S-T reversal signal(2) has appeared in the daily chart after the pull-back yesterday. Together with the price touching the top of the uptrend channel(3), an S-T consolidation pattern may begin.
S-T Resistances:
1855
1850
1843
Market price: 1841
S-T Supports:
1835
1830-28
1825
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Gold stalled near the 2-months high. The market opened at 1840, and the price has been bounded between 1835-40 throughout the Asian & European session. The gold price brushed to a new 2-months high at the US session, however, the buying momentum hasn't been able to follow through. The day ended at 1839, practically unchanged from the previous day.
Trading was in line with our expectations yesterday, where the price has touched a new high but stayed underneath 1850. The price should stay below the 1850 barrier before the weekend. Expect the price to maintain its path within 1830-50, consolidating toward the bottom of the range 1830-35 within the day.
An S-T reversal signal(2) has appeared in the daily chart after the pull-back yesterday. Together with the price touching the top of the uptrend channel(3), an S-T consolidation pattern may begin.
S-T Resistances:
1855
1850
1843
Market price: 1841
S-T Supports:
1835
1830-28
1825
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Gold rallied to a weekly low yesterday. The market opened near day high yesterday. Once the price touched 1822 early in the Asian session, it sunk all the way to the day low at 1808. Volatility has increased during the US session, but the price has been able to maintain its path within 1810-20, The day ended near 1813, down by USD 4.
Although S-T selling has been triggered by the price breaking through the 1815(1) support level yesterday in the 1-hour chart, the market has shown strong support between 1808-10(2). As the volatility increases, the S-T trading range is now being widened to 1808-28(3), with the price under pressure by the newly formed resistance line(4). The expectation of the price breaking the resistance of 1835 toward 1870 is still valid, but once again being patient is the key. (Notice silver has been making a new 2-months highs for 2 consecutive days now)
After the price dove to 1808 yesterday, the development of the pattern(7) on the daily chart has become quite interesting on the daily chart, where it provides a perfect springboard for the gold to jump above 1835. The price will maintain with the range of 1815-31(5) in S-T. If the price breaks the resistance, expect the price to respect the uptrend channel(6) toward 1870.
S-T Resistances:
1830-32
1825
1820
Market price: 1818
S-T Supprots:
1815
1810-08
1802-00
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