Gold failed to break the 1750 resistance last Friday. Rejected by the peak from Mar. 18 at 1855, the price began to go down in the Asian session, it then further crossed the support line(1) during the European session and went all the way to day-low at 1730 at the opening of the US session. The day ended at 1744.
Although the price went past the resistance at 1750, the volume and momentum haven't been able to support further climb. But notice the buying support at 1736(2) was strong. Until a real break occurs, the range will now be widened to 1736-455.
The double bottom pattern is still under development on the daily chart. The price may still need some time to accumulate buying momentum in order for it to escape the "sensitive zone" between 1750-60. As mentioned earlier, as the price has returned to the level above 1720, it should take 1-2 weeks to break the "neckline". This week will be critical, if the price can't break the resistance of 1750, it will need to consolidate before the next price movement, then the gold will enter a M-T range-bound of 1680-1750.
S-T Resistances:
1755-58
1750
1745
Market Price: 1744
S-T Supports:
1740
1736
1730
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Although the price went past the resistance at 1750, the volume and momentum haven't been able to support further climb. But notice the buying support at 1736(2) was strong. Until a real break occurs, the range will now be widened to 1736-455.
The double bottom pattern is still under development on the daily chart. The price may still need some time to accumulate buying momentum in order for it to escape the "sensitive zone" between 1750-60. As mentioned earlier, as the price has returned to the level above 1720, it should take 1-2 weeks to break the "neckline". This week will be critical, if the price can't break the resistance of 1750, it will need to consolidate before the next price movement, then the gold will enter a M-T range-bound of 1680-1750.
S-T Resistances:
1755-58
1750
1745
Market Price: 1744
S-T Supports:
1740
1736
1730
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Comment:
Gold edged higher yesterday after hitting the weekly low. Early in the Asian session, the price broke the 1730 support and went all the way toward day low 1722. Then, the rebound stated at the US session breaking the S-T resistance line(2) and 1736. The day ended at 1745.
Gold was rejected by 1750 in the Asian session today. A fresh S-T resistance line(2) has just been formed, if this line(2) breaks, the price should move toward 1755 or higher. For now, the daily range should be between 1736-55.
The price touched near 1720 level yesterday. As mentioned before, if the structure of the double-bottom finalizes in the coming few days, the day-low near 1720 level should be as low as it can get before it breaks the 'neckline'; but before any breaking, M-T range-bound remains in 1680-1750. On the daily chart, the gold price is currently supporting at the newly formed M-T support line(4) & resisting at 1750 and the 50 days MA(5).
S-T Resistances:
1755-58
1750
1745
Market Price: 1744
S-T Supports:
1740
1736
1730
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Gold edged higher yesterday after hitting the weekly low. Early in the Asian session, the price broke the 1730 support and went all the way toward day low 1722. Then, the rebound stated at the US session breaking the S-T resistance line(2) and 1736. The day ended at 1745.
Gold was rejected by 1750 in the Asian session today. A fresh S-T resistance line(2) has just been formed, if this line(2) breaks, the price should move toward 1755 or higher. For now, the daily range should be between 1736-55.
The price touched near 1720 level yesterday. As mentioned before, if the structure of the double-bottom finalizes in the coming few days, the day-low near 1720 level should be as low as it can get before it breaks the 'neckline'; but before any breaking, M-T range-bound remains in 1680-1750. On the daily chart, the gold price is currently supporting at the newly formed M-T support line(4) & resisting at 1750 and the 50 days MA(5).
S-T Resistances:
1755-58
1750
1745
Market Price: 1744
S-T Supports:
1740
1736
1730
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Comment:
Range-bound traded for gold yesterday. The market opened at 1745 and quickly reached 1750 early in the Asian session. The price has gradually gone lower thereafter. It broke the 1740 support at the US session opening and went all the way to day-low near 1731, with the day eventually ended at 1735.
Although the price has gone past 1736 and dropped to 173, the support at 1736(1) is still valid. The S-T resistance line(2.1) from yesterday has yet to break, combining with the S-T support line(2.2) has formed a triangle structure(2). While the price is approaching the end of the triangular pattern, a break is due within the day. The retail sales figures from the US may hold the key.
Gold is still waiting for the break on the daily chart. Before losing the upward momentum from the double-bottom, the neckline around 1750-55 needs to be broken in the next few trading days; otherwise, gold will remain in the 1680-1750 price range.
S-T Resistances:
1755-58
1750
1745
Market Price: 1740
S-T Supports:
1740
1736
1730
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Range-bound traded for gold yesterday. The market opened at 1745 and quickly reached 1750 early in the Asian session. The price has gradually gone lower thereafter. It broke the 1740 support at the US session opening and went all the way to day-low near 1731, with the day eventually ended at 1735.
Although the price has gone past 1736 and dropped to 173, the support at 1736(1) is still valid. The S-T resistance line(2.1) from yesterday has yet to break, combining with the S-T support line(2.2) has formed a triangle structure(2). While the price is approaching the end of the triangular pattern, a break is due within the day. The retail sales figures from the US may hold the key.
Gold is still waiting for the break on the daily chart. Before losing the upward momentum from the double-bottom, the neckline around 1750-55 needs to be broken in the next few trading days; otherwise, gold will remain in the 1680-1750 price range.
S-T Resistances:
1755-58
1750
1745
Market Price: 1740
S-T Supports:
1740
1736
1730
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Comment:
From the Asian to the US session, the gold price went one-way from 1736-1769 yesterday. The price opened at 1736. It has broken the triangle structure(1) and hit the first resistance at 1750. At the US session, buying momentum continued, breaking the resistance of 1750-55(2), and the gold price went all the way to the 6 weeks high of 1769. The market ended at 1763 yesterday.
Gold is currently running in an uptrend channel(3) on the 1-hour chart. After breaking the key resistance at 1760, buying momentum will continue in S-T. The price has already completed an S-T consolidation(4) early in the Asian session today, a bottom foundation has been built and the price should be able to go higher than yesterday's high today.
The overall gold market volume has gone down lately in the past 2 weeks (for reference > www.cmegroup.com/tra...otes_volume_voi.html) leading the daily range to shrink (bullion.z.com/en/research-center-gold/). In the past 2 weeks, the average daily fluctuation has reduced to merely USD 15.1. Under the current market condition, the gold price may need to take a longer time to reach the top of the uptrend channel(3).
After breaking the 'neckline' at 1760, the double bottom structure should finally be confirmed. If nothing changes in the fundamental aspects of the market, with a 1:1 ratio, the M-T price target should be near 1830-40, estimated time frame 4-5 weeks.
S-T Resistances:
1780
1775
1769-70
Market price: 1765
S-T Supports:
1760-63
1755
1750
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From the Asian to the US session, the gold price went one-way from 1736-1769 yesterday. The price opened at 1736. It has broken the triangle structure(1) and hit the first resistance at 1750. At the US session, buying momentum continued, breaking the resistance of 1750-55(2), and the gold price went all the way to the 6 weeks high of 1769. The market ended at 1763 yesterday.
Gold is currently running in an uptrend channel(3) on the 1-hour chart. After breaking the key resistance at 1760, buying momentum will continue in S-T. The price has already completed an S-T consolidation(4) early in the Asian session today, a bottom foundation has been built and the price should be able to go higher than yesterday's high today.
The overall gold market volume has gone down lately in the past 2 weeks (for reference > www.cmegroup.com/tra...otes_volume_voi.html) leading the daily range to shrink (bullion.z.com/en/research-center-gold/). In the past 2 weeks, the average daily fluctuation has reduced to merely USD 15.1. Under the current market condition, the gold price may need to take a longer time to reach the top of the uptrend channel(3).
After breaking the 'neckline' at 1760, the double bottom structure should finally be confirmed. If nothing changes in the fundamental aspects of the market, with a 1:1 ratio, the M-T price target should be near 1830-40, estimated time frame 4-5 weeks.
S-T Resistances:
1780
1775
1769-70
Market price: 1765
S-T Supports:
1760-63
1755
1750
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P. To
Gold traded in a narrow range again yesterday. It was supported at 1736 early in the Asian and European session, and the price broke the 1736 support(1) at the US session pulling the price all the way down to day-low 1730. The market ended at 1732 with an 11 dollars drop.
The price is currently supporting at 1720-22 level. Gold needs to break the S-T resistance line(2), which has formed during the past 48 hours, in order for it to begin its S-T rebound.
The price was supported by the 20 days MA yesterday on the daily chart, but this 20 days MA has been broken earlier today. The double-bottom pattern continues to build, where the price near level 1720 should be the lowest before it starts to climb & break the "neckline" near 1750-55; on the other hand, if the price goes below 1720, the whole double-bottom will begin to deform, entering a range-bound structure between 1680-1750. Once again, the next few trading days will be critical for the M-T price movement.
S-T Resistances:
1740-42
1736
1728-30
Market Price: 1727
S-T Supports:
1725
1722-20
1714
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