Gold pulled back from 1800 yesterday. The price has kept on moving down since the market opened at 1801 back from the weekend. After almost 12 hours of sliding, it touched the day-low near 1772 at the US session opening. The day ended at 1778, down by USD 23.
Gold escaped the uptrend channel on the 1-hour chart last week, and it has finally entered the period of consolidation after it cleared the support at 1785. Expect the price to be bearish, where 1773-1800 remains the trading range in the next few days. 1775 is the S-T resistance for now, and it will move lower toward 1755 if it clears the 1770 support.
Gold has been rejected by 1800 in the past few trading days, and the price is now moving downward. Expect the price to consolidate toward 1758(4) or the 20-day MA. The 1680-1800(3) structure can be used as the trading range for M-T.
S-T Resistances:
1800
1790-94
1785
Market Price: 1781
S-T Supports:
1780
1775-73
1770
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Gold escaped the uptrend channel on the 1-hour chart last week, and it has finally entered the period of consolidation after it cleared the support at 1785. Expect the price to be bearish, where 1773-1800 remains the trading range in the next few days. 1775 is the S-T resistance for now, and it will move lower toward 1755 if it clears the 1770 support.
Gold has been rejected by 1800 in the past few trading days, and the price is now moving downward. Expect the price to consolidate toward 1758(4) or the 20-day MA. The 1680-1800(3) structure can be used as the trading range for M-T.
S-T Resistances:
1800
1790-94
1785
Market Price: 1781
S-T Supports:
1780
1775-73
1770
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Comment:
Gold cleared the 1770 support yesterday. The day began at 1775. The price first touched the day-high at 1782 during the Asian trading and eased toward 1770 after that. It dropped below 1770(2) at the US session, touching the day-low near 1759, with the day ending at 1861.
An S-T downtrend channel(2) has formed on the 1-hour chart in the past 48 hours. After the price broke the support at 1770, the trend remained bearish, with the downside target pointing at 1750.
The price touched our 1st target at 1758(3) yesterday. As the price went below the 20 days MA, the consolidation period has yet to end; the next downside target is now at 1755(4).
S-T Resistances:
1775-73
1770
1765
Market price: 1762
S-T Supports:
1759-60
1755
1750
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Gold cleared the 1770 support yesterday. The day began at 1775. The price first touched the day-high at 1782 during the Asian trading and eased toward 1770 after that. It dropped below 1770(2) at the US session, touching the day-low near 1759, with the day ending at 1861.
An S-T downtrend channel(2) has formed on the 1-hour chart in the past 48 hours. After the price broke the support at 1770, the trend remained bearish, with the downside target pointing at 1750.
The price touched our 1st target at 1758(3) yesterday. As the price went below the 20 days MA, the consolidation period has yet to end; the next downside target is now at 1755(4).
S-T Resistances:
1775-73
1770
1765
Market price: 1762
S-T Supports:
1759-60
1755
1750
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Comment:
Gold rallied to a new weekly low yesterday. The market opened at 1761 and traded range-bound early in the Asian and European sessions. The price touched the day-high at the US session opening, then the slide began. It touched the day-low at 1755, with the day's ending at 1758.
The trend reversal signal has yet to appear, where the downtrend channel(1) is still dominating the S-T movement in the 1-hour chart. 1750(2) is still valid; if the price fails to clear the buying support within today, it should be able to stay within 1750-70(2) in the next 24-48 hours.
The breaking of support 1755(4) has not yet been confirmed. If the price breakout from 1755(4), the downside target will be at 1730-40(5).
S-T Resistances:
1765
1760
1755
Market price: 1752
S-T Supports:
1750
1740-43
1735
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Gold rallied to a new weekly low yesterday. The market opened at 1761 and traded range-bound early in the Asian and European sessions. The price touched the day-high at the US session opening, then the slide began. It touched the day-low at 1755, with the day's ending at 1758.
The trend reversal signal has yet to appear, where the downtrend channel(1) is still dominating the S-T movement in the 1-hour chart. 1750(2) is still valid; if the price fails to clear the buying support within today, it should be able to stay within 1750-70(2) in the next 24-48 hours.
The breaking of support 1755(4) has not yet been confirmed. If the price breakout from 1755(4), the downside target will be at 1730-40(5).
S-T Resistances:
1765
1760
1755
Market price: 1752
S-T Supports:
1750
1740-43
1735
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Gold stayed in a tight range yesterday. The day began at 1778; throughout the trading day, the price traded between 1770-75 after it touched the day-high early in the Asian session. The market was quiet, with the day ending at 1775.
The bearish move slowed down yesterday, and the price now supports at 1770-73. Await for the Fed. Minutes, expect the price to remain in the 1770-85 tight range today.
Gold is now settling below the 1780-87 resistance zone. The trend stays bearish for now, with the downside target remaining at 1758(4) & the 20-day MA(5).
S-T Resistances:
1790-94
1785
1780
Market price: 1775
S-T Supports:
1775-73
1770
1765
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