Resistance – $1230, $1236, $1249
Support – $1224.60, $1215.33, $1200
Doji formation on daily chart adds credence to a possibility of minor technical correction in gold, although prices failed near daily 5-MA in Asia.
This if followed by a move below Asian session low of $1224.60 would open doors for a slide to daily 100-MA level of $1215.33.
...
Resistance - $1242.21, $1253, $1263
Support - $1223.24, $1212, $1200
Gold's sharp fall yesterday to $1223.33 pushed the 4-hr RSI into the oversold territory. The wave count structure also shows an extended third wave may have come to an end and a rebound from trend line (drawn from Feb 16 low-Mar 28 low) amid oversold RSI could translate into a rise to...
Traders should watch out for a rebound from here.
Moreover, as stated in the morning outlook, a rebound from here followed by a break above $1255 could signal recovery ahead, especially since 4-hr RSI is oversold now and prices have failed to stay below daily 50-SMA on daily closing basis for last two trading sessions.
Hence, a rebound from here could signal a...
Support - $1250, 1243, $1230
Resistance - $1260, $1263, $1274
Gold’s repeated failure to stay below daily 50-SMA in last two trading sessions, if followed by a rebound from daily 50-SMA and $1250 and recovery above $1253 (23.6% of Sep 2011 high-Dec 2015 low) would open doors for a re-test of $1263, which if breached would expose rising trend line hurdle at...
Resistance - $1258, $1263, $1273
Support - $1253-1249, $1243, $1230
Gold’s corrective rally from yesterday’s NY session low of $1243.81 levels could gain further traction if prices rebound from $1253 (23.6% of Sep 2011 high-Dec 2015 low) and break above $1258 (Asian session high), in which case resistance at $1263-1273 stands exposed.
On the lower side,...
Gold’s cut through daily 50-MA at $1249 and drop to $1244 levels has left it oversold on the hourly RSI.
Consequently, a minor corrective rally to $1249-1253 levels could be seen before prices resume sell-off towards $1243 (23.6% of Dec low-May high).
The daily RSI at 44 remains bearish, hence corrective rally could be capped around $1249-1253 levels.
Support - $1249, $1243, $1225
Resistance - $1256.70, $1263, $1268
Gold’s breach of rising trend line on Wednesday following the release of hawkish Fed minutes has opened doors for a test of daily 50-SMA seen at $1249.
The bearish close yesterday also marked a downside break from symmetrical triangle formation, thus adding credence to bearish break...
Weekly chart shows bullish break from falling channel followed by a rising wedge. Whether prices breach it on the upside or downside could be decided in a next month or so since we have June Fed rate decision and Brexit referendum.
A bullish break could see the prices test supply around a larger falling trend line resistance seen around $1370-1380.
A bearish...
Hourly Chart
Formation – Falling channel
Support – 1270, 1263, 1255
Resistance – 1279, 1284, 1295
Rebound from $1256.77 ran out of steam near $1280 levels. If followed by a bearish break below hourly 50-MA (currently at $1270) would shift risk in favor of a re-test of channel support at $1255.
The hourly RSI, at 42.00, remain in favor of...
Daily Chart
Resistance - $1287, $1300-1303, $1310
Support - $1280, $1270, $1263
Gold dipped to $1278 levels before recovering above flag resistance level of 1280 levels.
With daily RSI sitting well above 50.00 and prices comfortably above key support level of $1263, we may see a break above $1287 (daily high).
In such a case, prices may head...
Now, the price finally has got out from the congestion area, and is
breaking the previous LSH.... so now one could expect a retracement or a
consolidation and after that a continuation of the upward movement...
Resistance - $1300-1320, $1350, $1400
Support - $1253, $1227-1223, $1190
Prices clocked a high of $1287 levels.
Gold’s repeated failure to take out $1227 (23.6% of Dec low – Mar high) followed by a bullish daily close above flag pattern on daily chart indicates prices could cut through $1284 and move towards $1300-1320 levels.
On monthly...
Resistance – 1237, 1244.12, 1263
Support – 1227, 1219, 1207.69
Gold’s failure to sustain above $1263 on Thursday followed by a break below 50-DMA on Friday indicates the prices could be heading towards head and shoulder neckline seen today at $1219 levels.
Day end closing below $1219 would expose strong support around 1190 levels.
On the higher...
Resistance – $1255, $1270, $1283
Support – $1237, $1223, $1218
Gold’s failure to sustain above $1260 and a fall back below falling trend line on daily chart has left the doors open for a drift lower to 50-DMA of $1237 levels.
Fall back from NY session high kept the head and shoulder formation intact.
On the higher side, prices need to breach...
Hourly chart
Formation – double top, head and shoulder on daily chart
Resistance - $1249.10, $1263, $1271
Support - $ $1235, $1227.12, $1217
Double bottom breakout on the hourly chart has opened doors for a drift lower to $1240-1238 levels and adds increases the likelihood of the metal completing head and shoulder formation.
The head and...
The fundamentals for #gold are Already included in the price:
Many bulls stories have happened again and again in the gold trade, just in the last year has been talked about massive purchases of gold to increase reserves in a imminent currency war facing a setting dominated by central banks. Stories like the end of QE in US, the plebiscite of Swiss National Bank...
Watching the market during the globex session we have decided to get short on a break of 1271.00. We will keep stops a bit tighter (off of 60 min chart) at the these levels.
