Witnessing gold's historic new high, expect the trend to continue upward.
Gold broke through the key resistance at 2050(1) last Friday during the US session, triggering a round of buying and taking the gold to our target of 2070(2), with a $35 increase throughout the day. Carrying the upward momentum before last Friday's close, the buying continued in the Asian session early today, pushing the price to a historic high of 2146 within the first hour of trading. It has since pulled back and is currently hovering around 2085. Witnessing gold achieve a historic new high, I truly hope everyone has been able to take advantage of this uptrend somehow in the past week.
1 hr chart - Breaking above the previous record high of 2081, the upward trend continues to dominate. With gold trading above historic highs, there aren't many past resistance/support levels to reference, so we can only rely on the price actions early in the Asian session as a guide. Currently, the price is hovering above the previous historic high of 2081, with the support expected around 2070-80 (6). The short-term target is temporarily set at 2100 (7), and if the upward momentum continues, the next target would be around 2118-20(5).
Daily chart - The overall trend continues to move upward, and the ascending channel(9) can still be considered as a reference. However, it is important to note that in the next 72 hours, the gold price must stay above 2080 within the range of 2080-2147(10). Otherwise, the initial rise followed by a pullback in today's Asian session (10.1) could actually signal a reversal on the daily chart. In the medium term, it is still expected that the gold price will continue to rise before the next Fed. meeting(8). For a longer-term perspective, the wave pattern (11) can be considered.
S-T Resistances:
2100
2095
2089-90
Market price: 2085
S-T Supports:
2080-81
2075
2070
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Gold broke through the key resistance at 2050(1) last Friday during the US session, triggering a round of buying and taking the gold to our target of 2070(2), with a $35 increase throughout the day. Carrying the upward momentum before last Friday's close, the buying continued in the Asian session early today, pushing the price to a historic high of 2146 within the first hour of trading. It has since pulled back and is currently hovering around 2085. Witnessing gold achieve a historic new high, I truly hope everyone has been able to take advantage of this uptrend somehow in the past week.
1 hr chart - Breaking above the previous record high of 2081, the upward trend continues to dominate. With gold trading above historic highs, there aren't many past resistance/support levels to reference, so we can only rely on the price actions early in the Asian session as a guide. Currently, the price is hovering above the previous historic high of 2081, with the support expected around 2070-80 (6). The short-term target is temporarily set at 2100 (7), and if the upward momentum continues, the next target would be around 2118-20(5).
Daily chart - The overall trend continues to move upward, and the ascending channel(9) can still be considered as a reference. However, it is important to note that in the next 72 hours, the gold price must stay above 2080 within the range of 2080-2147(10). Otherwise, the initial rise followed by a pullback in today's Asian session (10.1) could actually signal a reversal on the daily chart. In the medium term, it is still expected that the gold price will continue to rise before the next Fed. meeting(8). For a longer-term perspective, the wave pattern (11) can be considered.
S-T Resistances:
2100
2095
2089-90
Market price: 2085
S-T Supports:
2080-81
2075
2070
If you like my work, please give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
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