Gold Trend 30/08 - 03/09 (Review Daily)
Updated
Gold jumped over USD 25 last Friday. The price touched an early peak at 1805 after it has broken the key 1793 resistance early in the Asian session. It fell to day-low 1783 briefly at the US session opening, and it then crossed the 1800(1) resistance and the newly formed resistance line(2). Day-high reached 1818 and the day ended near 1816.
The S-T trend for gold has resumed upward after it broke the 1793 resistance last Friday. The price reached our first 1810 target and touched 1823 early in the Asian session today. Upside target remains at around 1830 on the 1-hour chart. However, there is still some resistance above 1820 for the time being, before any breakout, S-T range can be set in between 1810-23.
Gold once again had defended the horizontal structure 1790-1835(5) on the daily chart, with buying supported strongly below 1790(4). After the price broke the 1810 resistance, the target will be the top of the range 1835 for now.
S-T Resistances:
1830
1823
1818-20
Market price: 1815
S-T Supprots:
1814-15
1808-10
1805
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P. To
The S-T trend for gold has resumed upward after it broke the 1793 resistance last Friday. The price reached our first 1810 target and touched 1823 early in the Asian session today. Upside target remains at around 1830 on the 1-hour chart. However, there is still some resistance above 1820 for the time being, before any breakout, S-T range can be set in between 1810-23.
Gold once again had defended the horizontal structure 1790-1835(5) on the daily chart, with buying supported strongly below 1790(4). After the price broke the 1810 resistance, the target will be the top of the range 1835 for now.
S-T Resistances:
1830
1823
1818-20
Market price: 1815
S-T Supprots:
1814-15
1808-10
1805
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P. To
Note
Gold retreated from the 1-month high yesterday. Carried the buying momentum from last Friday, the price has climbed to 1823 early in the Asian session. But the buying failed to follow through thereafter. Gradually it has gone to day-low near 1806 at the US session, with the day ended near 1810, down by USD 6.
Overall the price had traded within 1810-23, in line with our expectations yesterday. The trading volume was quite thin, but the buying support seems strong at 1810(1). The bull is still dominating the 1-hour chart with 1830 as the next upside target. For the next 24 hours, 1810-23(3) should be the trading range. Trendline (2) remains in effect waiting for the next breakout.
The 1790-1835 horizontal structure remains unchanged on the daily chart. The price is supporting at 1810(4) for now. The top of the structure 1830-35 can be set as the upside target.
S-T Resistances:
1830
1823
1818-20
Market price: 1815
S-T Supports:
1814-15
1808-10
1805
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P. To
Note
Gold tested the 1810 support once again yesterday. Throughout the day, the price has traded between 1810-17. Approached the US session, the price has fallen to the day-low near 1800 but rebounded quickly. The day ended near 1813, up by USD 3.
The gold price is still trading within the channel(1). Although it has dropped to 1800 briefly at the US session, the buying support remains relatively strong below 1810. With support line(2) pushing the price higher, the upside target is still at 1830 in the 1-hour chart. An S-T resistance line(3) has been formed in the past 48 hours. If resistance line(3) is broken, the price will be able to climb to 1820-23 in the next 24 hours.
Gold stands firmly above 1810 on the daily chart, on its way to the top of the horizontal range. After the brief consolidation in the past 2 days, gold may be able to pick up the upward momentum once again in the next 48 hours. The 250 days MA(4) will be the next upside resistance.
S-T Resistances:
1830
1823
1818-20
Market price: 1815
S-T Supports:
1814-15
1808-10
1805
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P. To
Note
Gold traded in a tight range yesterday. The buying momentum from the rebound(1) the day before has failed to push the price over 1820. Once the price broke the S-T support line(2), the price has no choice but to settle between 1810-20 once again. The market will now prepare for Friday's US employment figures, before a breakout, should be able to take advantage of the 1810-20 range.
The upward trend is yet to finish, where the market is still waiting for a reversal signal. No structural changes on the daily chart.
S-T Resistances:
1830
1823
1818-20
Market price: 1815
S-T Supports:
1814-15
1808-10
1805
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P. To
Note
Gold remained in a tight range again yesterday. The price has traded within 1810-16 throughout the day, and the same pattern occurred as the price went below 1810 during the US session again. The day ended near 1809, down by USD4. Before the US release its employment figures today, the gold price should continue to stay between 1810-16(2). Trend lines(1) are still in effect.
1810 is still the key support on the daily chart. But one thing worth noticing, it was the first time in a week that the market has closed below 1810, a slight reduction in buying support below 1810. This tiny difference can be a hint for the gold market heading into an S-T consolidation period.
S-T Resistances:
1823
1818-20
1815
Market price: 1812
S-T Supports:
1808-10
1805
1800
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P. To
P. To @ 1uptick Analytics
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