Gold eased as the USD strengthened after the employment figures last Friday. The market opened at 1937. The price was traded in a tight range between 1933-37, early in the Asian and European sessions. The drop began as the market approached the US session, and the price consolidated further after the US released its employment figures. The day ended at 1924, down by USD13.
The highs in the 1-hour chart are moving lower in the past two weeks, from 1965 the week before to last week's 1950, forming a downward resistance line(2). The price has yet to escape the 1920-50 range-bound, waiting for the pattern to break.
The structure hasn't changed much in the daily chart; traders can continue to take advantage of the tight range 1920-42 in the daily chart until the pattern breaks.
S-T Resistances:
1950
1940-41
1930
Market price: 1928
S-T Supports:
1920-18
1915
1910-08
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P. To
The highs in the 1-hour chart are moving lower in the past two weeks, from 1965 the week before to last week's 1950, forming a downward resistance line(2). The price has yet to escape the 1920-50 range-bound, waiting for the pattern to break.
The structure hasn't changed much in the daily chart; traders can continue to take advantage of the tight range 1920-42 in the daily chart until the pattern breaks.
S-T Resistances:
1950
1940-41
1930
Market price: 1928
S-T Supports:
1920-18
1915
1910-08
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
Comment:
Gold continued to trade in a tight range yesterday. The market opened at 1923. After wandering around 1920-23 in the Asian session, the price has started to climb as it approached the European session; and peaked at 1937 during the US trading hours. The day ended at 1931, up by USD 7.
The structure hasn't changed at all in the 1-hour chart; we can continue to take full advantage of the 1915-42(1) range until the pattern changes.
The trend in the daily chart alines with the 1-hour chart, where 1915-42 remain the range in S-T.
S-T Resistances:
1950
1940-41
1930
Market price: 1928
S-T Supports:
1920-18
1915
1910-08
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
Gold continued to trade in a tight range yesterday. The market opened at 1923. After wandering around 1920-23 in the Asian session, the price has started to climb as it approached the European session; and peaked at 1937 during the US trading hours. The day ended at 1931, up by USD 7.
The structure hasn't changed at all in the 1-hour chart; we can continue to take full advantage of the 1915-42(1) range until the pattern changes.
The trend in the daily chart alines with the 1-hour chart, where 1915-42 remain the range in S-T.
S-T Resistances:
1950
1940-41
1930
Market price: 1928
S-T Supports:
1920-18
1915
1910-08
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 continued to trade in range-bound yesterday. The day began at 1932, and the price traded in a tight range between 1926-32 in the Asian & European session. The price jumped to the day-high 1944 at the US session but quickly dropped back to near 1920. The day ended at 1922, down by USD 9.
The structure in the 1-hour chart hasn't changed much; we can continue to take advantage of the 1915-42(1) range until the pattern changes.
Gold has escaped the selling pressure from trendline(2) on the daily chart. The range 1915-42(3) is still valid for now.
S-T Resistances:
1950
1940-41
1930
Market price: 1923
S-T Supports:
1920-18
1915
1910-08
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