Gold bounded in a tight range yesterday. The trading started at 1741. The price has continued to sink toward the day-low at 1731 throughout the day. The day ended at 1733, traded in a USD 13 range.
Since the rapid drop slowed down last Thursday, the price has settled between 1730-50(1) in the previous 48 hours. If the price clears the support at 1730, the downside target remains at the 1700-10 support zone.
A reversal signal has yet to appear on the daily chart; therefore, the downtrend channel(4) is still dominating the trend. If the price breaches the 1730 support, the daily chart's downside target will be at 1680.
S-T Resistances:
1755
1750
1740
Market price: 1731
S-T Supports:
1730
1720
1712-15
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Since the rapid drop slowed down last Thursday, the price has settled between 1730-50(1) in the previous 48 hours. If the price clears the support at 1730, the downside target remains at the 1700-10 support zone.
A reversal signal has yet to appear on the daily chart; therefore, the downtrend channel(4) is still dominating the trend. If the price breaches the 1730 support, the daily chart's downside target will be at 1680.
S-T Resistances:
1755
1750
1740
Market price: 1731
S-T Supports:
1730
1720
1712-15
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Comment:
Gold rallied from a renewed 9-month low yesterday. The day began below 1730 at 1725, and the price stayed between 1720-30 before the US session throughout the day. Once the US released its inflation figures, the price dropped to the day-low at 1706 but buying quickly entered the market. The day ended at 1734, with the day-high reaching 1743.
Althought gold touched a new 9-month low, the gradual downward slope on the 1-hour chart that has been trending in the past few trading days came to an end after the rebound yesterday. The buying above 1740 is still relatively weak; we can expect the price to be bounded by 1720-40 until the price can stand above 1740 comfortably to kick start the next uptrend.
The first reversal signal finally appeared after the price touched the bottom of the downtrend channel(4) yesterday. The price defended the 1730-1800(3) range yesterday. For gold to start a decent rebound, it must close above 1740 on the daily chart in the next few trading days.
S-T Resistances:
1755
1750
1740
Market price: 1731
S-T Supprots:
1730
1720
1712-15
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P. To
Gold rallied from a renewed 9-month low yesterday. The day began below 1730 at 1725, and the price stayed between 1720-30 before the US session throughout the day. Once the US released its inflation figures, the price dropped to the day-low at 1706 but buying quickly entered the market. The day ended at 1734, with the day-high reaching 1743.
Althought gold touched a new 9-month low, the gradual downward slope on the 1-hour chart that has been trending in the past few trading days came to an end after the rebound yesterday. The buying above 1740 is still relatively weak; we can expect the price to be bounded by 1720-40 until the price can stand above 1740 comfortably to kick start the next uptrend.
The first reversal signal finally appeared after the price touched the bottom of the downtrend channel(4) yesterday. The price defended the 1730-1800(3) range yesterday. For gold to start a decent rebound, it must close above 1740 on the daily chart in the next few trading days.
S-T Resistances:
1755
1750
1740
Market price: 1731
S-T Supprots:
1730
1720
1712-15
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
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Gold hit a new 9-month low yesterday. The day began at 1733; the price briefly touched the day-low at 1722 and the day-high at 1744 early in the Asian session. Throughout the trading day, the price has bounded by 1725-35, with the day ending at 1725.
The price has tangled around the critical support of 1730 in the past 72; the trading atmosphere is like when the price tested the support at 1820(1) a while back without a clear breakthrough. The price finally passed the 1730 barrier yesterday; technically, we can expect the price to sink further in the next 48 hours. But, one thing bore in mind: the US will release its CPI figures today. Previously on the day(June 10th), as the US released worse than expected CPI figures, gold climbed more than USD 20 with a daily fluctuation of more than USD 50. 1710-00 remains the downside target for now, where prepare for a rapid price change at the time of the release of the figures.
The overall pattern hasn't changed much on the daily chart; the downtrend channel(4) is still dominating the structure on the daily chart, be patient for a reversal signal. After the price clears the support at 1730, technically, we can expect a new low in the next two days.
S-T Resistances:
1750
1740
1730
Market price: 1726
S-T Supports:
1720
1712-15
1708
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