Gold was steady after the US employment figure last Fri. The market opened near 1804 early in the Asian session, and it has gradually climbed toward the early day-high near 1814 before the US session. Once the US released its employment figures, the price has quickly dropped to the day-low near 1791, however, buying resumed shortly after. The day ended at 1807, up by USD 2.
The gold price has been gaining since the price touched 1779 2-weeks back on Jan. 28th. The quick rebounds that occurred last Thursday and Friday(3) have shown relatively strong buying below 1800. The price has approached the key resistance at 1815(2) early in the Asian session today but got rejected again. Until the price can clear all the selling between 1810-15, expect the price to stay between 1800-15 in the next 24 hours. If the price can break through 1815, the upside target should be around 1828(4) in S-T.
The 2 relatively long wicks on the daily chart in the last 2 trading days have created a bullish signal(5) on the daily chart. As long as the price can stay above 1808(7) for today's closing, we can expect the price to touch again 1820 or higher in the coming 2-3 trading days.
S-T Resistances:
1826-28
1820
1815
Market price: 1810
S-T Supports:
1808-06
1800
1795
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The gold price has been gaining since the price touched 1779 2-weeks back on Jan. 28th. The quick rebounds that occurred last Thursday and Friday(3) have shown relatively strong buying below 1800. The price has approached the key resistance at 1815(2) early in the Asian session today but got rejected again. Until the price can clear all the selling between 1810-15, expect the price to stay between 1800-15 in the next 24 hours. If the price can break through 1815, the upside target should be around 1828(4) in S-T.
The 2 relatively long wicks on the daily chart in the last 2 trading days have created a bullish signal(5) on the daily chart. As long as the price can stay above 1808(7) for today's closing, we can expect the price to touch again 1820 or higher in the coming 2-3 trading days.
S-T Resistances:
1826-28
1820
1815
Market price: 1810
S-T Supports:
1808-06
1800
1795
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Comment:
The gold's surge continued yesterday, but the daily range was tight. The market opened near 1821, and the price has been consolidating toward day-low 1815 during the Asian & European sessions early in the trading day. Once gold entered the US session, the market became a bit more active, breaking the S-T resistance and the previous day-high 1822(1). The price has reached a new day-high at 1828 before the days ended at 1825.
While the price approached the key resistance at 1828, the target that we have set 48 hours ago was reached yesterday. On the 1-hour chart, if the price can break out from 1828(2), the next upside target can be set at 1842. However, the market may need to take a few more time to clear all the selling orders around 1828, as the trading volume and fluctuations are relatively low in the last 24 hours. Before 1828(2) is breached, expect the price to be bounded by the 1815-28(4) range.
In the past 6 months, the resistance at 1830-35(5) on the daily chart is quite effective on the daily chart. Same as yesterday, a bearish reversal has yet to appear, but, unless the price can successfully clear the 1835(5) barrier, it may be a good time now to plan for some bearish actions.
S-T Resistances:
1835
1832
1828
Market price: 1827
S-T Resistances:
1825
1820
1815
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The gold's surge continued yesterday, but the daily range was tight. The market opened near 1821, and the price has been consolidating toward day-low 1815 during the Asian & European sessions early in the trading day. Once gold entered the US session, the market became a bit more active, breaking the S-T resistance and the previous day-high 1822(1). The price has reached a new day-high at 1828 before the days ended at 1825.
While the price approached the key resistance at 1828, the target that we have set 48 hours ago was reached yesterday. On the 1-hour chart, if the price can break out from 1828(2), the next upside target can be set at 1842. However, the market may need to take a few more time to clear all the selling orders around 1828, as the trading volume and fluctuations are relatively low in the last 24 hours. Before 1828(2) is breached, expect the price to be bounded by the 1815-28(4) range.
In the past 6 months, the resistance at 1830-35(5) on the daily chart is quite effective on the daily chart. Same as yesterday, a bearish reversal has yet to appear, but, unless the price can successfully clear the 1835(5) barrier, it may be a good time now to plan for some bearish actions.
S-T Resistances:
1835
1832
1828
Market price: 1827
S-T Resistances:
1825
1820
1815
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Comment:
Gold continued to climb, but the daily range remained tight. The market opened around 1825, and the price was basically jumped in a tight range between 1825-28 throughout the Asian & European sessions. Once the volume has started to pick up at the US session, gold finally crossed the 1828(1) resistance and reached a new 2 week high at 1835. The day finally ended at 1832, up by USD 7.
Although the overall volume has been low in the past few days, gold has been able to keep its upward momentum after all. The support trendline(3) can still be used as a reference. After the price clears the resistance at 1828 yesterday, the next target should be at around 1842(2), with 1835 providing S-T resistance in early tradings.
The overall texture on the daily chart hasn't changed much since yesterday. Gold is still traveling on an uptrend without any reversal signal appearing for the moment. As mentioned yesterday, the price is now tangling within the resistance zone between 1830-35(4), the price will need to break out from 1835 in order to proceed to the next target, trendline (5) near 1842. The US inflation figures may hold the key.
S-T Resistances:
1850
1840-42
1835
Market price: 1833
S-T Supprots:
1828
1825
1820
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Gold continued to climb, but the daily range remained tight. The market opened around 1825, and the price was basically jumped in a tight range between 1825-28 throughout the Asian & European sessions. Once the volume has started to pick up at the US session, gold finally crossed the 1828(1) resistance and reached a new 2 week high at 1835. The day finally ended at 1832, up by USD 7.
Although the overall volume has been low in the past few days, gold has been able to keep its upward momentum after all. The support trendline(3) can still be used as a reference. After the price clears the resistance at 1828 yesterday, the next target should be at around 1842(2), with 1835 providing S-T resistance in early tradings.
The overall texture on the daily chart hasn't changed much since yesterday. Gold is still traveling on an uptrend without any reversal signal appearing for the moment. As mentioned yesterday, the price is now tangling within the resistance zone between 1830-35(4), the price will need to break out from 1835 in order to proceed to the next target, trendline (5) near 1842. The US inflation figures may hold the key.
S-T Resistances:
1850
1840-42
1835
Market price: 1833
S-T Supprots:
1828
1825
1820
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Comment:
Gold pulled back from the new weekly high yesterday. The trading day has opened near 1832, and the price has traded between 1831-35 throughout the early Asian and European sessions. The volatility has increased after the US released the inflation figures, the price first touched the day-low at 1821 and quickly rebounded to the new weekly high at 1841. The market ended up closing at 1826, down by USD 6.
The price has finally gotten close to our target 1843(2) after it cleared the key resistance at 1828 the day before. Althought the price broke out from 1835(1) yesterday, the buying was not strong enough to keep the price above 1835. The price is now resuming its position below 1828. The 1822-35(3) zone can be set as the preliminary strategy for the early Asian and European sessions. If the price broke the support at 1822, the downside target can be set at near 1810-15.
Gold failed to clear the resistance zone between 1830-35(4) on the daily chart yesterday. Since the price has touched the resistance line(5) and the day ended down, the reversal signal that we have been waiting for the two days finally appeared. The uptrend that originated from Jan. 31 is now officially completed. The downside target can now aim at the 20 days MA(6) near 1819.
S-T Resistnces:
1835
1832
1828
Market price: 1826
S-T Supports:
1825
1820
1815
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Gold pulled back from the new weekly high yesterday. The trading day has opened near 1832, and the price has traded between 1831-35 throughout the early Asian and European sessions. The volatility has increased after the US released the inflation figures, the price first touched the day-low at 1821 and quickly rebounded to the new weekly high at 1841. The market ended up closing at 1826, down by USD 6.
The price has finally gotten close to our target 1843(2) after it cleared the key resistance at 1828 the day before. Althought the price broke out from 1835(1) yesterday, the buying was not strong enough to keep the price above 1835. The price is now resuming its position below 1828. The 1822-35(3) zone can be set as the preliminary strategy for the early Asian and European sessions. If the price broke the support at 1822, the downside target can be set at near 1810-15.
Gold failed to clear the resistance zone between 1830-35(4) on the daily chart yesterday. Since the price has touched the resistance line(5) and the day ended down, the reversal signal that we have been waiting for the two days finally appeared. The uptrend that originated from Jan. 31 is now officially completed. The downside target can now aim at the 20 days MA(6) near 1819.
S-T Resistnces:
1835
1832
1828
Market price: 1826
S-T Supports:
1825
1820
1815
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Gold surged further yesterday. The week began at 1808 early in the trading day, and the price was bounded within 1810-15 throughout the Asian & European session. Gold broke out from the key 1815(1) resistance during the US session, ended up touched day-high near 1823 with the day closing at 1820, up by USD 12.
The current resistance trend line(2) can be used as a reference for the current uptrend. After the US session yesterday, expect a few selling resistance near 1824 in S-T, and the target 1828 mentioned yesterday is still valid.
The surge yesterday has basically responded to the bullish signal from last Thursday and Friday(4). Until a reversal signal occurs in the daily chart, expect the gold continues to ride the momentum upward.
S-T Resistances:
1835
1826-28
1820
MArket price: 1818
S-T Resistances:
1815
1808-06
1800
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