Gold rallied to a 2-week high yesterday. Back from the weekend, the market opened at 1765; once the price touched the day-low at 1758 during the Asian session, buying began. Gold touched the day-high at 1775 at the opening of the US session, with the day ending at 1771, up by USD 6.
Although gold has reached a new 4-week high at 1780(1) early in the Asian session today, buying seems to have slowed down above 1770 on the 1-hour chart. The uptrend channel(2) is still valid. A consolidation may begin after the price got rejected by 1780. A new round of selling toward 1754(3) will start if the price clears the S-T support at 1770-73.
1780-87(4) is a critical resistance zone on the daiy chart. If the buying momentum fails to carry on today, expect the price to consolidate between 1755-80 in the next 1-2 trading days.
S-T Resistances:
1785-87
1780
1776
Market price: 1774
S-T Supprots:
1770
1765
1760
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Although gold has reached a new 4-week high at 1780(1) early in the Asian session today, buying seems to have slowed down above 1770 on the 1-hour chart. The uptrend channel(2) is still valid. A consolidation may begin after the price got rejected by 1780. A new round of selling toward 1754(3) will start if the price clears the S-T support at 1770-73.
1780-87(4) is a critical resistance zone on the daiy chart. If the buying momentum fails to carry on today, expect the price to consolidate between 1755-80 in the next 1-2 trading days.
S-T Resistances:
1785-87
1780
1776
Market price: 1774
S-T Supprots:
1770
1765
1760
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Comment:
Gold traded in a range-bound yesterday. The price touched the low at 1754 early in the Asian session, and the climb continued until the price reached the day-high at 1772 at the US session opening. The day fluctuated in a USD 18 range , with the price slightly up by USD5.
The overall structure in the 1-hour chart hasn't changed much as the uptrend channel is still dominating the S-T trend. The price behaved quite well within the 1750-72 range yesterday. The market is now shifting its focus toward the US employment figures , expecting the price to remain range-bound between 1755-80.
The reversal signal mentioned yesterday remains in effect. Unless the price closes above 1773 in the next few trading days, the price should turn south soon.
S-T Resistances:
1785-87
1780
1770-73
Market price: 1770
S-T Supports:
1765
1760
1755
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P.To
Gold traded in a range-bound yesterday. The price touched the low at 1754 early in the Asian session, and the climb continued until the price reached the day-high at 1772 at the US session opening. The day fluctuated in a USD 18 range , with the price slightly up by USD5.
The overall structure in the 1-hour chart hasn't changed much as the uptrend channel is still dominating the S-T trend. The price behaved quite well within the 1750-72 range yesterday. The market is now shifting its focus toward the US employment figures , expecting the price to remain range-bound between 1755-80.
The reversal signal mentioned yesterday remains in effect. Unless the price closes above 1773 in the next few trading days, the price should turn south soon.
S-T Resistances:
1785-87
1780
1770-73
Market price: 1770
S-T Supports:
1765
1760
1755
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P. To
Gold eased off from the new high yesterday. Affected by Chins-U.S. tension in the past 24 hours, the price was bounded by the 1770-80 range early in the Asian session yesterday. Gold touched a new high at 1788 at the U.S. session and pulled back before the day's end. The market eventually closed at the day-low 1760, down by USD 11.
As mentioned yesterday, the buying above 1780(1) has been weak. Althought the uptrend channel(2) is still dominating the trend on the 1-hour chart, gold is due to an S-T consolidation for the moment. As the price cleared the 1770-73 support, it reached our target of 1755 early in the Asian session today. 1770-73 becomes a critical resistance now; expect the price to trade between 1750-72 in the next 24-48 hours.
Gold was rejected by the 1780-87(4) resistance zone; the pullback before the day's end yesterday has created a reversal signal(5) on the daily chart. The previous horizontal range(6) is still valid; the downside support can be set at the 10 days MA.
S-T Resistances:
1785-87
1780
1770-73
Market price: 1767
S-T Supports:
1765
1760
1755
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