Expect the price to consolidate further in S-T before the trading volume returns from the holiday.
1-hour chart - Gold prices reached a recent high of 2088 in early trading last Thu. However, it failed to hold above 2080. After the price escaped from the uptrend channel(1) at the end of last week, gold formed an S-T downward channel(2) in the past 48 trading hours. The price has departed from the downward trend (2) early in the Asian session today, indicating an S-T rebound. After touching 2070, expect the price to be bounded by 2050-70.
Daily Chart - The overall trading volume in the gold market has been low since Dec. 20th. Without significant trading volume driving, the gold price failed to hold above 2081(4), and experienced a round of profit-taking during this holiday period. The resistance zone remains between 2070-2075. Unless the price can clear this resistance, we can expect the price to consolidate further. Support levels to watch below include the 20-day MA(5) and the support line (6). Gold needs to wait for a high-volume environment in order for it to surge higher. Keeping an eye on the release of US employment data at the end of this week.
S-T Resistances:
2080-81
2075
2070-72
Market price: 2069
S-T Supports:
2060
2055
2050
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1-hour chart - Gold prices reached a recent high of 2088 in early trading last Thu. However, it failed to hold above 2080. After the price escaped from the uptrend channel(1) at the end of last week, gold formed an S-T downward channel(2) in the past 48 trading hours. The price has departed from the downward trend (2) early in the Asian session today, indicating an S-T rebound. After touching 2070, expect the price to be bounded by 2050-70.
Daily Chart - The overall trading volume in the gold market has been low since Dec. 20th. Without significant trading volume driving, the gold price failed to hold above 2081(4), and experienced a round of profit-taking during this holiday period. The resistance zone remains between 2070-2075. Unless the price can clear this resistance, we can expect the price to consolidate further. Support levels to watch below include the 20-day MA(5) and the support line (6). Gold needs to wait for a high-volume environment in order for it to surge higher. Keeping an eye on the release of US employment data at the end of this week.
S-T Resistances:
2080-81
2075
2070-72
Market price: 2069
S-T Supports:
2060
2055
2050
If you like my work, please give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
P. To
1-hour chart - The overall trend structure hasn't changed much, but it's worth noting that a new downward resistance line has formed in the past 24 hours. Furthermore, the trading range mentioned yesterday needs to adjust from 2050-2070 to 2055-2078 (2).