The gold market was relatively quiet yesterday due to the US holiday. The market opened at 1810, and a USD 10 range-bound the price throughout the day.
Before the US session last Friday, gold tested the support near 1783(1). Notice that day, once the market entered a more active US session, buying has started to pour into the market. Buying support was strong where the day ended almost USD 25 higher at 1810. Support between 1800-05(2) has been strong in the past 24 hours; the price should be able to touch 1820 or the downward resistance line(3) in the next 24-48 hours.
The rally last Friday has formed a reversal signal(4) on the daily chart. The support zone between 1800-05(5) is valid, where we can expect the price to move toward the downward trendline(6) within the week.
S-T Resistances:
1830
1820
1814
Market price: 1811
S-T Supprots:
1810-08
1805-00
1795
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Before the US session last Friday, gold tested the support near 1783(1). Notice that day, once the market entered a more active US session, buying has started to pour into the market. Buying support was strong where the day ended almost USD 25 higher at 1810. Support between 1800-05(2) has been strong in the past 24 hours; the price should be able to touch 1820 or the downward resistance line(3) in the next 24-48 hours.
The rally last Friday has formed a reversal signal(4) on the daily chart. The support zone between 1800-05(5) is valid, where we can expect the price to move toward the downward trendline(6) within the week.
S-T Resistances:
1830
1820
1814
Market price: 1811
S-T Supprots:
1810-08
1805-00
1795
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Comment:
Gold touched a new 9-month low yesterday. After the market opened at 1765,m the price was bounded by 1765-72 throughout the Asian and European sessions. The selling momentum has resumed as the market approaches the US session. Once the price cleared the support at 1750(1), it went to a day-low near 1731. The day ended at 1738, down by USD 26.
Gold seems to have found an S-T support near 1730. The fall originated from 1800 should slow down as long as the price can stand above the S-T resistance line(2). The operation range has shifted from yesterday's 1750-83 to 1730-65(3), where S-T resistance sits at 1750 for now.
The price has reached our target of 1730 within 48 hours after it broke the critical 1800 support on the daily chart, and the 1:1 pattern (5) is completed. The downtrend channel(4) remains valid; wait for the next pattern to form for now.
S-T Resistances:
1765
1760
1750
Market price: 1746
S-T Supports:
1738-40
1730-31
1720
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Gold touched a new 9-month low yesterday. After the market opened at 1765,m the price was bounded by 1765-72 throughout the Asian and European sessions. The selling momentum has resumed as the market approaches the US session. Once the price cleared the support at 1750(1), it went to a day-low near 1731. The day ended at 1738, down by USD 26.
Gold seems to have found an S-T support near 1730. The fall originated from 1800 should slow down as long as the price can stand above the S-T resistance line(2). The operation range has shifted from yesterday's 1750-83 to 1730-65(3), where S-T resistance sits at 1750 for now.
The price has reached our target of 1730 within 48 hours after it broke the critical 1800 support on the daily chart, and the 1:1 pattern (5) is completed. The downtrend channel(4) remains valid; wait for the next pattern to form for now.
S-T Resistances:
1765
1760
1750
Market price: 1746
S-T Supports:
1738-40
1730-31
1720
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Comment:
Gold remained in a tight range yesterday. The market opened at 1739, and the price was bouned by 1739-46 throughout the day,
The relatively rapid drop the day before has slowed down since the price escaped the S-T downward trendline(1) yesterday. 1730-65(2) can be used as the operating range before the US employment figure. The S-T resistance at 1750 is still valid; if the price breaks the 1730 support, 1710-00 should be the next target to the downside.
The downtrend channel(2) is still dominating the daily chart. Althought the price failed to find new low yesterday, the reversal bottom-out sign has yet to appear. Can continue to take advantage of the 1730-1800 range before the price clears the 1730 support.
S-T Resistances:
1765
1760
1750
Market price: 1742
S-T Supprots:
1738-40
1730-31
1720
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Gold remained in a tight range yesterday. The market opened at 1739, and the price was bouned by 1739-46 throughout the day,
The relatively rapid drop the day before has slowed down since the price escaped the S-T downward trendline(1) yesterday. 1730-65(2) can be used as the operating range before the US employment figure. The S-T resistance at 1750 is still valid; if the price breaks the 1730 support, 1710-00 should be the next target to the downside.
The downtrend channel(2) is still dominating the daily chart. Althought the price failed to find new low yesterday, the reversal bottom-out sign has yet to appear. Can continue to take advantage of the 1730-1800 range before the price clears the 1730 support.
S-T Resistances:
1765
1760
1750
Market price: 1742
S-T Supprots:
1738-40
1730-31
1720
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P. To @ 1uptick Analytic
Gold dropped over 2% yesterday. As the trading began at 1807 to start the day, the price touched the day-high at 1812 early in the Asian session. The momentum began to turn bearish during the European session. Gold cleared the 1800(1) support at the US session opening and then fell further, breaking the previous low of 1784 after the US released better than expected Factory Orders figures. It touched a new 6-months low of 1764, ending the day with a USD 42 drop.
The bullish pattern on the 1-hour chart from last Friday was totally destroyed by the drop yesterday. The S-T trend is weakening while the price trades below its previous low of 1784. Expect the price to stay between 1750-83(2) for today. If the price can carry the selling momentum from yesterday, it should be able to touch 1750 or below.
The daily chart is now dominated by the downtrend channel(4) after gold closed below the critical support of 1800(3). The price has traded in the range of 1800-70(5) for the past month; by measuring the 1:1 ratio, the downside target can be set at 1730 technically.
S-T Resistances:
1785
1780
1770-72
Market price: 1767
S-T Supprots:
1765
1760
1750
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