Gold fell almost 1% last Friday. The price had kept dropping after the market opened near 1799 at the early Asian session. The selling had accelerated after the price broke out from the uptrend channel(1) at the US session opening. The price touched a day-low near 1783, the day ended low by USD15.
The uptrend that originated from early October is now officially completed after the price escaped from the channel(1). The selling pressure so far is quite strong since the price has failed to close above 1800 in the past week. An S-T downtrend channel(2) has been formed by the 2 peaks from last week, with 1788 being the resistance for now.
As mentioned last Friday, if the price fails to stay above 1800, it will have to escape the uptrend channel(4) on the daily chart. The 1780-1810 range(3) is still valid as the price so far has not been able to close below 1780, and the 20 days MA provides support on the downside.
S-T Resistances:
1800
1793
1788
Market price: 1783
S-T Supports:
1780
1776
1770
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
The uptrend that originated from early October is now officially completed after the price escaped from the channel(1). The selling pressure so far is quite strong since the price has failed to close above 1800 in the past week. An S-T downtrend channel(2) has been formed by the 2 peaks from last week, with 1788 being the resistance for now.
As mentioned last Friday, if the price fails to stay above 1800, it will have to escape the uptrend channel(4) on the daily chart. The 1780-1810 range(3) is still valid as the price so far has not been able to close below 1780, and the 20 days MA provides support on the downside.
S-T Resistances:
1800
1793
1788
Market price: 1783
S-T Supports:
1780
1776
1770
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
P. To
Gold rebounded from last Fri. low yesterday. The market opened near 1783 early in the Asian session. The price had been bounded by the 1780-88 range throughout the Asian and European sessions. It broke out from 1788(1) at the US session opening. Day-high reached 1795, with the day ended 1793 up by USD 9.
The technical pull-back from escaping channel(2) has been completed after the price touched once again trendline(2). The price is still trading within the downtrend channel(3) in the 1-hour chart. An S-T trend line(4) has been formed in the last 24 hours. Selling will resume if the price breakout from trendline(4) and the 1788 support line.
As mentioned yesterday, the horizontal range 1780-1810(6) is still dominating on the daily chart after the price break out from the uptrend channel. The 20 days MA(5) will provide support within today and 1796-1800 will be the resistance on the upside.
S-T Resistances:
1805
1800
1795-96
Market price: 1791
S-T Supports:
1788
1780
1775
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