Gold pulled back from the 2-weeks high last Friday. It had traded between 1746-64 throughout the Asian & European session. Once the US employment figure was released, the gold price jumped all the way to the 1780 level. But it had retraced quickly before the day's end, the week ended near 1756, up slightly by USD 2.
The buying momentum from last Friday's US employment has all been absorption by the market, while the gold is now settling once again within the 1746-64(2) trading zone. Trendline (2) has been breached early in the Asian session today, the price is getting weak and it may touch again the bottom of the range in the next 24 hours.
The buying support last week below 1760 has been canceled out by the long upper wick(3) on the daily chart. If the price can break the support at 1745 and carry the selling momentum this week, it should be able to touch 1730 or lower.
The L-T downtrend is accelerating on the daily chart, from a gentle trendline (4) to (4.1), and the newly formed (4.2). The key support is at 1725. If the price breaks out from it, the target can be set at 1680 or lower.
S-T Resistances:
1770
1764
1760
Market price: 1757
S-T Supports:
1755
1750
1744-45
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The buying momentum from last Friday's US employment has all been absorption by the market, while the gold is now settling once again within the 1746-64(2) trading zone. Trendline (2) has been breached early in the Asian session today, the price is getting weak and it may touch again the bottom of the range in the next 24 hours.
The buying support last week below 1760 has been canceled out by the long upper wick(3) on the daily chart. If the price can break the support at 1745 and carry the selling momentum this week, it should be able to touch 1730 or lower.
The L-T downtrend is accelerating on the daily chart, from a gentle trendline (4) to (4.1), and the newly formed (4.2). The key support is at 1725. If the price breaks out from it, the target can be set at 1680 or lower.
S-T Resistances:
1770
1764
1760
Market price: 1757
S-T Supports:
1755
1750
1744-45
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
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The gold price was relatively stable yesterday, traded within 1750-60 throughout the day. The price has failed to carry the downward momentum from last Friday, and the price is now stable within the 1746-64(1) range. Investors can take advantage of the rangebound pattern before the breakout.
After the rapid pullback(2) last Friday, the market is still waiting for the bottom-out signal on the daily chart. For the moment, trading in the tight range of 1750-60(3), before the downtrend resumes.
S-T Resistances:
1770
1764
1760
Market price: 1757
S-T Supports:
1755
1750
1744-45
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