Gold pulled back from 1735 again yesterday. The day began at 1726, and the price was gradually heading higher during the Asian/European sessions. Once the
price reached the day-high at 1736, the selling started to come in. The day eventually ended at near 1719, with the day-low touched 1714.
Gold should stay below 1735 before the US Fed. Meeting on Wed, as it has once again failed to clear the resistance near 1735 yesterday. An S-T trendline(1) has been formed in the last 12 hours; if the price can breach the support below trendline(2), expect the price to consolidate further into the 1705-35(2) range.
Gold was rejected by the 1730 resistance for the second day on the daily chart. For now, expect the price to trade in between 1710-30(3) until the US Fed. Meeting.
S-T Resistances:
1740
1735
1728-30
Market Price: 1721
S-T Supports:
1720
1710
1705
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price reached the day-high at 1736, the selling started to come in. The day eventually ended at near 1719, with the day-low touched 1714.
Gold should stay below 1735 before the US Fed. Meeting on Wed, as it has once again failed to clear the resistance near 1735 yesterday. An S-T trendline(1) has been formed in the last 12 hours; if the price can breach the support below trendline(2), expect the price to consolidate further into the 1705-35(2) range.
Gold was rejected by the 1730 resistance for the second day on the daily chart. For now, expect the price to trade in between 1710-30(3) until the US Fed. Meeting.
S-T Resistances:
1740
1735
1728-30
Market Price: 1721
S-T Supports:
1720
1710
1705
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Comment:
Gold gained USD 17 yesterday. The day began at 1716, and the price mainly traded between 1715-23 throughout the day. Once the US released its interest decision, the price went up until it reached the day-high at 1740, with the day ending near 1734.
The price has failed to stay above 1735 until the Asian session today. An uptrend channel(3) has formed on the 1-hour chart. If the price clears the current resistance at 1740, it will be able to reach 1750 or higher.
The reversal signal at 1680 on the daily chart is still valid, while gold is trading under a rebounding trend. The price has cleared the 1-week resistance at 1730; once the price can break out from 1740, the upside target will be at the upper limit of the range(6) around 1770.
S-T Resistances:
1755
1750
1740
Market price: 1737
S-T Supports:
1735
1730
1720
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Gold gained USD 17 yesterday. The day began at 1716, and the price mainly traded between 1715-23 throughout the day. Once the US released its interest decision, the price went up until it reached the day-high at 1740, with the day ending near 1734.
The price has failed to stay above 1735 until the Asian session today. An uptrend channel(3) has formed on the 1-hour chart. If the price clears the current resistance at 1740, it will be able to reach 1750 or higher.
The reversal signal at 1680 on the daily chart is still valid, while gold is trading under a rebounding trend. The price has cleared the 1-week resistance at 1730; once the price can break out from 1740, the upside target will be at the upper limit of the range(6) around 1770.
S-T Resistances:
1755
1750
1740
Market price: 1737
S-T Supports:
1735
1730
1720
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Comment:
Carried the buying momentum from the day before, gold continued to climb yesterday. After the market opened at 1733, the price had already jumped beyond 1735 early in the Asian session. It broke out from 1740 in the European session and kept climbing higher in the US session. The day ended near the day-high at 1756.
Gold has surged along the uptrend channel(2) on the 1-hour chart. Sign of the current climb slowing down has yet to appear; the next upside target can be set at around 1765.
The buying was strong yesterday on the daily chart where the day ended near the day-high. The trend is still bullish, and the upside target remains at 1780.
S-T Resistances:
1765
1760
1757
Market price: 1755
S-T Supports:
1750
1740
1735
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Carried the buying momentum from the day before, gold continued to climb yesterday. After the market opened at 1733, the price had already jumped beyond 1735 early in the Asian session. It broke out from 1740 in the European session and kept climbing higher in the US session. The day ended near the day-high at 1756.
Gold has surged along the uptrend channel(2) on the 1-hour chart. Sign of the current climb slowing down has yet to appear; the next upside target can be set at around 1765.
The buying was strong yesterday on the daily chart where the day ended near the day-high. The trend is still bullish, and the upside target remains at 1780.
S-T Resistances:
1765
1760
1757
Market price: 1755
S-T Supports:
1750
1740
1735
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Gold traded flat yesterday. The day began at 1719; the price first tested the day-high at 1728 in the Asian session, and it began to consolidate. The daily range was tight within USD 15, with the price just traded between 1715-20 before the day's end.
As mentioned yesterday, we can continue to take advantage of the 1705-35(2) range before the US Fed. Meeting. As the price went below the support trendline(1) on the 1-hour chart, the S-T trend is now weakening. The downside target will remain near 1705-08 once the price clears the current S-T support at 1715.
Gold is sinking lower with the range(4) on the daily chart. The current candle patterns are a bearish sign similar to those(3) before. However, stay tuned for the US Fed. Announcements, a new trend, may start later on today.
S-T Resistances:
1735
1728-30
1720
Market price: 1717
S-T Supports:
1710
1705
1700
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