Gold Trend 04/10 - 08/10 (Review daily)
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Carried the buying momentum from the day before, gold had continued to climb last Friday. The market opened near 1755 with the price traded between 1750-60 throughout the day. The week ended near 1760, up slightly by USD 5.
The trend has bottomed out since the price broke out from the resistance line(1) on the 1-hour chart. After 2 days of trading, the price has now reached the top of the M-T downtrend channel(2). Selling resistance is currently strong between 1760-64(3). If the price fails to break out from channel (2) in the next 24 hours, the market may need to consolidate back to channel (2) for another 48-72 hours before it can escape the downtrend.
The downward momentum from the beginning of Sept. has slowed down since the price broke the resistance at 1750-53 on the daily chart. Back from the weekend, the price has escaped the downtrend(4) at the market opening earlier today. Still waiting for the price to climb above trendline (5) for the next uptrend to officially kick-off.
S-T Resistances:
1776
1770
1764
Market price: 1760
S-T Supports:
1755
1750
1744-45
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P. To
The trend has bottomed out since the price broke out from the resistance line(1) on the 1-hour chart. After 2 days of trading, the price has now reached the top of the M-T downtrend channel(2). Selling resistance is currently strong between 1760-64(3). If the price fails to break out from channel (2) in the next 24 hours, the market may need to consolidate back to channel (2) for another 48-72 hours before it can escape the downtrend.
The downward momentum from the beginning of Sept. has slowed down since the price broke the resistance at 1750-53 on the daily chart. Back from the weekend, the price has escaped the downtrend(4) at the market opening earlier today. Still waiting for the price to climb above trendline (5) for the next uptrend to officially kick-off.
S-T Resistances:
1776
1770
1764
Market price: 1760
S-T Supports:
1755
1750
1744-45
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P. To
Nota
Gold ended high yesterday. Although the market had been sliding after it opened near 1764 early in the Asian session, the buying was strong during the US session. It has touched the day-low near 1746 before the US session, but it reached day-high 1770 with the day ended near 1769.
The price has finally broken out from channel (1) on the 1-hour chart, escaping the downtrend. An S-T support line(2) has been formed after the consolidation yesterday. Although the resistance is now sitting at 1770, the target can still be set at 1780 for the next 48 hours. On the other hand, if the price break the support line(2), aiming the price to slide toward 1750.
The M-T downtrend on the daily chart has been finished by the price breaking out from the resistance line(4). After 3 consecutive days of gains, there is some S-T selling pressure (profit taking) pressing the market for the moment. The market will need to close above 1760 in order to maintain its current path upward. If the market closes below 1760 today, gold may enter a short period of consolidation.
S-T Resistances:
1770
1764
1760
Market price: 1759
S-T Supports:
1755
1750
1744-45
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P. To
Nota
Gold edged down yesterday. The price had continued to slip after the market opened near day-high 1768 early in the Asian session. Once the price break the S-T support line(1), selling had accelerated. The price touched the day-low near 1748 at the US session. The market closed with a rebound at 1759, down by USD 9.
The gold price has failed to push higher while it has been hovering over the upper resistance of the previous channel (3). A new S-T support line(2) has been formed on the 1-hour chart after the price touched 1748 yesterday. As the active trend line shifts from yesterday's line(1) to currently(2), the upward momentum is now slowing down. As mentioned yesterday, the price needs to touch a new high in the next 24 hours, otherwise, the uptrend will run out of momentum entering a period of horizontal consolidation(4).
So far support has been strong below 1760 after 2 days of rally(6). The market condition is just like yesterday, The market will need to close above 1760 in order to maintain its current path upward. If the market closes below 1760 today, gold may enter a short period of consolidation.
S-T Resistances:
1770
1764
1760
Market price: 1756
S-T Supports:
1755
1750
1744-45
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P. To
Nota
Gold slipped slightly yesterday. The intraday movement was quite similar to the previous trading days. The price basically had fallen during the Asian/European session and rallied from the bottom during the US session. Once again the market was able to close above 1760 yesterday, ended at 1762.
The gold price has been trading within 1746-64(1) in the past 24 hours, In line with our expectation yesterday. The upward momentum has slowed down further, as the support lines have shifted from (3.1) to (3.1) and now the lastest (3.3). While the price is maintaining its path with 1746-64(1), there is no clear direction on the 1-hour. Until the price breaks out from the range(1), range-bound will be the primary strategy.
The gold price has been testing the lows in the past 3 trading days, but the market is able to rebound every single day during the US session. Support below 1760(4) is quite obvious. The next jump will begin once the price breach the resistance line(5). In case the market turns south, 1745 will be the support level to pay close attention to.
S-T Resistances:
1770
1764
1760
Market price: 1759
S-T Supprots:
1755
1750
1744-45
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P. To
Nota
Gold traded in a relatively tight range yesterday. The market had opened near 1764 early in the Asian session and jumped to the day-high at 1766 at the European session. The price slipped at the US session. The day ended near 1754, down by USD 7.
The structure hasn't changed much, can't see any new indications on the 1-hour chart. Overall the price is still range-bounding within 1746-64(1), waiting for the US employment figures for the breakout.
It is the first time this week the gold price close below 1760(2), a sign of the trend turning weak. If no surprises from the US employment figures tonight, the gold price may start to consolidate lower.
S-T Resistance:
1770
1764
1760
Market price: 1757
S-T Supports:
1755
1750
1744-45
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P. To
P. To @ 1uptick Analytics
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