Gold Trend 18/10 - 22/10 (Review Daily)
Updated
Gold pulled back from a one-month high last Friday. The price has gradually moved lower after the market opened near day-high at 1795. It broke the support 1780(3) at the US session opening and fell all the way to day-low at 1763. The trading day ended at 1767, down by USD 28.
After 2-days of trading between 1785-1800, gold has failed to stay above 1780(3) while it came back to below 1770 last Friday. The newly formed up-trend channel(2) is still valid, however, if the price breaks the bottom support(2.1), it will then resume its position back to the 1746-1770 zone in S-T.
Gold has peaked at 1796(4) on the daily chart. The selling from last Friday has basically canceled out the buying momentum from the days before. An uptrend channel originated on Sept. 30 is now supporting the price at near 1765. If the price escapes the channel(5), the price may settle into 1746-1780 in S-T.
S-T Resistances:
1780
1775
1768-70
Market price: 1768
S-T Supports:
1764
1760
1755
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After 2-days of trading between 1785-1800, gold has failed to stay above 1780(3) while it came back to below 1770 last Friday. The newly formed up-trend channel(2) is still valid, however, if the price breaks the bottom support(2.1), it will then resume its position back to the 1746-1770 zone in S-T.
Gold has peaked at 1796(4) on the daily chart. The selling from last Friday has basically canceled out the buying momentum from the days before. An uptrend channel originated on Sept. 30 is now supporting the price at near 1765. If the price escapes the channel(5), the price may settle into 1746-1780 in S-T.
S-T Resistances:
1780
1775
1768-70
Market price: 1768
S-T Supports:
1764
1760
1755
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P. To
Note
The market opened at 1767 early in the Asian session and the price gradually sinks toward day low 1757. The price climbed back to the day-high 1770 at the US session. The day ended near 1764, down by USD 2.
The price has broken out from yesterday's resistance 1770 early in the Asian session today, the upside can target 1780 for now. Overall the price is still maintaining its path with the uptrend channel (2), with the bottom support line shifted from (2.1) to the newly formed (2). Expect the price range-bound between 1760-80(1) within the day.
Gold has peaked at 1796(4) on the daily chart. The selling from last Friday has basically canceled out the buying momentum from the days before. An uptrend channel originated on Sept. 30 is now supporting the price at near 1765. If the price escapes the channel(5), the price may settle into 1746-1780 in S-T.
S-T Resistances:
1780
1775
1768-70
Market price: 1768
S-T Supports:
1764
1760
1755
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Note
Gold pulled back from the 1-week high yesterday. The price has kept on escalating during the Asian & European session after the market opened at 1764. The price once touched the high at 1785, but selling began thereafter. The day ended at 1769, up slightly by USD 4.
The price overall was in line with yesterday's expectation. Although the price has crossed the 1780 barrier after the US housing figures, it was quickly pulled back by those selling and profit-taking orders. A new S-T downward resistance line(2)has been formed in the past 24 hours, with the still in effect support line(1.1) from the uptrend channel(1), mind the triangular pattern(3) in the next 12 hours. A breakout of the pattern will trigger some rapid movement. In general, 1780 is still the major resistance on the 1-hour chart.
The pulled back yesterday has once again created a strong selling signal(4). 1780(6) is the key upper resistance on the daily chart. If the price is not able to get past 1780 in the next 2 trading days, the gold price will naturally escape the current uptrend channel(5), then can prepare some consolidation to come in the following days.
S-T Resistances:
1788
1780
1776
Market price: 1774
S-T Supports:
1768-70
1760
1755
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Note
Gold jumped yesterday. The price had opened near day-low at 1769 and steadily went up during the Asian and European session. Once the price broke out from the triangular pattern(2), it has gone all the way to day-high 1788 at the US session opening. The day ended at 1781, up by USD 12.
Gold has successfully defended its position within the uptrend channel(1). The momentum seems to have accelerated after it passed the 1780 barrier. The next resistance is now waiting at 1788(3). If the price can get past it, the next upside target will be near 1800 on the 1-hour chart.
The price is able to break out from the 1780 resistance and maintain its path within the uptrend channel(4) on the daily chart. The upside target can be set at 1796 on the daily chart. But hesitation and selling pressure still exist above 1780, need to be cautious to those sudden drops caused by news and events.
S-T Resistances:
1800
1794-96
1788
Market price: 1785
S-T Supports:
1780
1775
1770
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Note
Gold traded in a tight range yesterday. The market opened near 1782 early in the Asian session, and it has been trading in between 1780-88 before the US session opening. The price touched the day-low near 1775 at the session's opening, and the day finally ended unchanged near 1782.
The uptrend channel(1) on the 1-hour chart is still valid. Before the price breaks out from the zone between 1775-88(2), the resistance at 1788 will remain strong.
Selling pressure exists above 1780, as mentioned yesterday. Buying momentum seems to have slowed down at the moment. One day if the market closes above 1788, will be a sign of buying momentum picking up again. Pay close attention to the uptrend channel(4) as consolidation may happen at any time.
S-T Resistances:
1800
1794-96
1788
Market price: 1787
S-T Supports:
1780
1775
1770
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P. To
P. To @ 1uptick Analytics
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