Gold Trend 28/06 - 02/07 (Review daily)
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Gold kept on trading within the 1772-1790 range last Friday. The pattern hasn't changed much on the 1-hr chart, traders can continue to take advantage of the range for now.
The gold price trend can consider as weak, while the price has been closing below 1780 in the past few trading days on the daily chart. Range remains in 1770-1800 before the next break.
S-T Resistances:
1794
1790
1785-86
Market price: 1783
S-T Supports:
1780
1772-73
1768
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P. To
The gold price trend can consider as weak, while the price has been closing below 1780 in the past few trading days on the daily chart. Range remains in 1770-1800 before the next break.
S-T Resistances:
1794
1790
1785-86
Market price: 1783
S-T Supports:
1780
1772-73
1768
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
Nota
Gold stuck in a tight range yesterday. The price reached the day high 1785 at the Asian session, and it has traded between 1772-82 thereafter, with the day ended at 1778. The pattern hasn't changed much on the 1-hr chart, range-bound remains in 1772-1790. A downward triangle(1) has formed in the past 48 hours. Price will climb to 1790 if the resistance breaks; on the other hand, if the price breaches the support, the downside will be near 1760 or lower.
Gold is still showing a sign of weakness while the price failed to close above 1780 in the past few trading days. It is pressured by the 10 days MA at the moment, awaiting the breakthrough.
S-T Resistances:
1790
1785-86
1780
Market price: 1774
S-T Supports:
1772-73
1768
1760
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P. To
Nota
Gold finally broke the range yesterday! The price has been under selling pressure during the Asian & European session, it breached the support 1770-72(1) at the US session, and fell all the way to 1750. The day ended at 1760, down by USD17.
After the price rebound to 1760 for the day's close, a new downtrend channel(3) has been created by the newly formed bottom near 1750. Notice, if the price can break the resistance line(2), it should be able to rebound to the top of the down channel(3). A mini-double top pattern(4) is on the go, the downside can be targeted around 1755. Yesterday's low 1750 and the bottom of the downtrend channel(3) are now the key supports. If gold resumes its fall in the next few days, the next target will be near 1735-40 on the 1-hr chart.
Although the gold price dropped to a new low near 1750, it has yet to break the previous low of 1761 as the price has closed near 1760 on the daily chart. Meanwhile, the M-T trend will stay weak in the next few days after the price has escaped the horizontal range of 1770-95(6.1). Measuring the range of (6.1), the 1:1 target will be near 1745(6.2) after the break. Thereafter, the next key support is now near the M-T support line(7).
S-T Resistances:
1775
1768-70
1760-61
Market price: 1758
S-T Supports:
1755
1750
1745
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P. To
Nota
Gold rallied from the 1-month low yesterday. It has traded below 1760 early in the Asian & European session, and the climb began at the US session. Once the price broke the 1764 early high, it went all the way to 1774, with the day ended at 1769.
The ST movement so far is in line with our expectations, where the price once again touched the bottom of the downtrend channel(1.1) yesterday & rebounded. It has broken the ST resistance line(2) early in the Asia session today, and it's on its way to the top of the channel(1).
On the daily chart, a bottom(3) has been formed by the price failing to close below 1760 on the daily chart. The selling momentum from the escape of the 1770-90 range the day before has now totally reversed. If the price can close above 1780 in the next 24 hours, an uptrend on the daily chart may kick-off.
From a longer perspective, seems like the price has started to rebound without touching the MT support line(4). If an uptrend can be confirmed on the daily chart in the next few trading days, it may be a perfect time to catch an MT rebound toward the upside resistance line(5).
S-T Resistances:
1790
1785-86
1780
Market price: 1778
S-T Supports:
1772-73
1768
1760
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P. To
P. To @ 1uptick Analytics
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