Gold edged higher last Friday. The price has gone all the way to 1840 for the weekly close after it broke the S-T resistance line(1) and the key resistance 1826(2) during the Asian session on Friday. The upward momentum is continuing on the 1-hr chart while the gold price has finally crossed the 1843 barrier earlier today. The escape of the 1812-43 trading range will let the price to rise in S-T, estimating with a 1:1 ratio(6), the target should be near 1874 for now.
As mentioned before, the buying started to pick up last Thursday, and eventually, it has pushed the price back up to the 1840 level. Gold has failed to break the M-T support line(4), therefore the long-awaited M-T downtrend has never been established. After the price has broken its previous peak of 1843 today, the M-T upward movement is now resuming on the daily chart, with the next resistance set in between 1860-75. From a long-term perspective, the price is now testing the L-T resistance line(5). If the price confirms to break this resistance this week, the L-T trend will turn upward.
S-T Resistances:
1870-73
1860
1853
Market Price: 1851
S-T Supports:
1850
1843
1840
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As mentioned before, the buying started to pick up last Thursday, and eventually, it has pushed the price back up to the 1840 level. Gold has failed to break the M-T support line(4), therefore the long-awaited M-T downtrend has never been established. After the price has broken its previous peak of 1843 today, the M-T upward movement is now resuming on the daily chart, with the next resistance set in between 1860-75. From a long-term perspective, the price is now testing the L-T resistance line(5). If the price confirms to break this resistance this week, the L-T trend will turn upward.
S-T Resistances:
1870-73
1860
1853
Market Price: 1851
S-T Supports:
1850
1843
1840
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Comment:
An interesting trading day for Gold yesterday. The market opened near 1869. The break of the S-T support line(1) early in the Asian session has triggered selling toward day-low 1851. Then the price quickly rebound at the US session opening, climbed all the way to the 3-months high at 1890. After all the choppy movements, the market closed at 1869, basically unchanged for the day.
The price is now testing the resistance @ 1875, but the buying so far is not strong enough to escape cleanly away from 1875. An S-T support line(2) has formed in the past 24 hours, if the price can break this support line, gold will consolidate toward 1864 and possibly lower.
Gold is still being supported by the M-T support line(3), maintaining its course upward on the daily chart. After a few attempts, the price has failed to close above 1870 this week, so far the selling is obviously strong above 1870 and a triangle pattern has formed(4). The candle yesterday(5) can serve as a reversal signal, it is going to be a key turning point in the coming 24 hours. If the price stays below 1870 for closing today, the gold market will start to retrace, 1st target around 1840.
S-T Resistances:
1890
1885
1878-80
Market Price: 1875
S-T Supports:
1870
1864
1860
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An interesting trading day for Gold yesterday. The market opened near 1869. The break of the S-T support line(1) early in the Asian session has triggered selling toward day-low 1851. Then the price quickly rebound at the US session opening, climbed all the way to the 3-months high at 1890. After all the choppy movements, the market closed at 1869, basically unchanged for the day.
The price is now testing the resistance @ 1875, but the buying so far is not strong enough to escape cleanly away from 1875. An S-T support line(2) has formed in the past 24 hours, if the price can break this support line, gold will consolidate toward 1864 and possibly lower.
Gold is still being supported by the M-T support line(3), maintaining its course upward on the daily chart. After a few attempts, the price has failed to close above 1870 this week, so far the selling is obviously strong above 1870 and a triangle pattern has formed(4). The candle yesterday(5) can serve as a reversal signal, it is going to be a key turning point in the coming 24 hours. If the price stays below 1870 for closing today, the gold market will start to retrace, 1st target around 1840.
S-T Resistances:
1890
1885
1878-80
Market Price: 1875
S-T Supports:
1870
1864
1860
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Comment:
The gold market was relatively stable yesterday. The price touched day-low 1865 after it has broken the S-T support line(1). Then gold has begun its rebound at the US session, climbed all the way to day-high 1883. The market ended near 1877.
The price is now bounding within the 1855-90(2) range, with a downward resistance line(3) formed in the past 48 hours. An uptrend channel(4) is now pushing the price higher in S-T. It will trigger selling toward 1864 if the price breaks the supprot of this channel.
Gold failed to close below 1870 yesterday, therefore, the reversal has yet to be formed, momentum remains upward. Resistance is now shifted to 1880, expect the price to hover around 1870-80 before it climbs any higher.
S-T Resistance:
1890
1885
1878-80
Market Price: 1875
S-T Supports:
1870
1864
1860
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The gold market was relatively stable yesterday. The price touched day-low 1865 after it has broken the S-T support line(1). Then gold has begun its rebound at the US session, climbed all the way to day-high 1883. The market ended near 1877.
The price is now bounding within the 1855-90(2) range, with a downward resistance line(3) formed in the past 48 hours. An uptrend channel(4) is now pushing the price higher in S-T. It will trigger selling toward 1864 if the price breaks the supprot of this channel.
Gold failed to close below 1870 yesterday, therefore, the reversal has yet to be formed, momentum remains upward. Resistance is now shifted to 1880, expect the price to hover around 1870-80 before it climbs any higher.
S-T Resistance:
1890
1885
1878-80
Market Price: 1875
S-T Supports:
1870
1864
1860
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Gold edged to a 3-1/2 high near 1868 yesterday, the price has broken the key resistance at 1843 early in the Asian session and the momentum carried on at the US session pushing the price to the peak at 1868.
The price has touched our target at 1874 during the Asian session today, the S-T 1:1 range(1) after breaking 1843 is basically completed. Gold is still staying above the S-T support line(2) maintaining its course upward. In order to keep the momentum up, Gold needs to break the 1874-75 resistance in the next 24 hours, otherwise, the price will break the support line(2) finishing the uptrend that's originated from 1808.
The M-T trend seems to be shifting from downward to upward, where the gold price has broken the 250 days MA(3) and the M-T resistance line(4). The price is now resisting at 1875(5). If the price is able to stand above the M-T trend line(4) at the end of this week, the M-T downtrend that was started last July will then officially finished.
S-T Resistances:
1880
1874-75
1870
Market Price: 1868
S-T Supports:
1864
1860
1855
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