Gold hovered near the 4-1/2 month high last Friday. The price has traded near the bottom of the uptrend channel(2) around 1875 early in the trading day. It then broke the resistance line(1) at the US session, reached day-high at 1889. The market ended at 1880, slightly gained USD 2.
The uptrend channel(2) is now perfectly completed. A new resistance line(3.1) & support line(3.2) have created a new triangle pattern(3). Within the next 12 hours, the price should be able to escape this triangle. If the price breaks the line(3.1), it will have a strong chance to touch 1900 this time; otherwise, if the support line(3.2) and 1877 break, aim for 1870 as the 1st target.
The M-T uptrend is still supported by the same line(6) on the daily chart. Although the market has been able to close above 1870 in the past 2 trading days with little gain, buying momentum had slowed down as the price approaching 1900. The price is now trading above 1880 touched 1887 early in the Asian session, it needs to close above 1880 today in order to maintain the upward form on the daily chart; on the other hand, if the price closes below 1880 today, the buying momentum will vanish, then expect a range-bound between 1870-80 as a new start. Notice a pull-back has yet to appear after the price broke the M-T resistance line(7). After a few days of rejections by 1890, always have a plan B ready for a major retracement.
S-T Resistances:
1895-98
1890
1885
Market Price: 1883
S-T Supports:
1877-75
1870
1864
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The uptrend channel(2) is now perfectly completed. A new resistance line(3.1) & support line(3.2) have created a new triangle pattern(3). Within the next 12 hours, the price should be able to escape this triangle. If the price breaks the line(3.1), it will have a strong chance to touch 1900 this time; otherwise, if the support line(3.2) and 1877 break, aim for 1870 as the 1st target.
The M-T uptrend is still supported by the same line(6) on the daily chart. Although the market has been able to close above 1870 in the past 2 trading days with little gain, buying momentum had slowed down as the price approaching 1900. The price is now trading above 1880 touched 1887 early in the Asian session, it needs to close above 1880 today in order to maintain the upward form on the daily chart; on the other hand, if the price closes below 1880 today, the buying momentum will vanish, then expect a range-bound between 1870-80 as a new start. Notice a pull-back has yet to appear after the price broke the M-T resistance line(7). After a few days of rejections by 1890, always have a plan B ready for a major retracement.
S-T Resistances:
1895-98
1890
1885
Market Price: 1883
S-T Supports:
1877-75
1870
1864
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Commento:
Gold finally escaped the triangle pattern yesterday. It was bounded by the resistance and support of the triangle(1) early in the Asian and European session. Buying orders were triggered by the breaking of the resistance line(2) during the US session, the price then went all the way to 1900, ended the day at 1899.
Gold closed near day high yesterday, showing not too much profit-taking action before the day's end, a sign of bull dominating the market. Gold broke the range 1855-1890 yesterday after almost 5 days of the side-way movements. By measuring the price range(3), we can now aim for a 1:1 price movement, 1915-20 should be the preliminary target. Using the uptrend channel(1.1) as a reference, the target should be reached in the next 48 hours.
The M-T trend remains upward on the daily chart. After the price broke the 1890 resistance yesterday, the buying should remain strong in S-T. The next major resistance is now sitting near 1915.
S-T Resistances:
1915
1910a
1907
Market price: 1905
S-T Supports:
1900
1890
1885
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Gold finally escaped the triangle pattern yesterday. It was bounded by the resistance and support of the triangle(1) early in the Asian and European session. Buying orders were triggered by the breaking of the resistance line(2) during the US session, the price then went all the way to 1900, ended the day at 1899.
Gold closed near day high yesterday, showing not too much profit-taking action before the day's end, a sign of bull dominating the market. Gold broke the range 1855-1890 yesterday after almost 5 days of the side-way movements. By measuring the price range(3), we can now aim for a 1:1 price movement, 1915-20 should be the preliminary target. Using the uptrend channel(1.1) as a reference, the target should be reached in the next 48 hours.
The M-T trend remains upward on the daily chart. After the price broke the 1890 resistance yesterday, the buying should remain strong in S-T. The next major resistance is now sitting near 1915.
S-T Resistances:
1915
1910a
1907
Market price: 1905
S-T Supports:
1900
1890
1885
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Commento:
Gold slipped from the 4-month peak yesterday. The price had traded between 1900-10 until reaching day-high 1912 in the US session. The price then began to consolidate all the way to day-low 1889. The market ended at 1895.
Gold has got close to our target 1915-20 level with the day-high 1912. Although the price has fallen before the market closing yesterday, the uptrend channel(1) is still valid in the 1-hr chart. Expect the price to trade within 1890-1910 for now.
The resistance is being strong near the 1900 level on the daily chart while the price failed to close above 1900 yesterday. The trading pattern is quite similar to the breaking of 1870, 1880 & 1890(4) resistances, that the price will climb early but close below resistance at days end for a few days until the real break happen.
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Gold slipped from the 4-month peak yesterday. The price had traded between 1900-10 until reaching day-high 1912 in the US session. The price then began to consolidate all the way to day-low 1889. The market ended at 1895.
Gold has got close to our target 1915-20 level with the day-high 1912. Although the price has fallen before the market closing yesterday, the uptrend channel(1) is still valid in the 1-hr chart. Expect the price to trade within 1890-1910 for now.
The resistance is being strong near the 1900 level on the daily chart while the price failed to close above 1900 yesterday. The trading pattern is quite similar to the breaking of 1870, 1880 & 1890(4) resistances, that the price will climb early but close below resistance at days end for a few days until the real break happen.
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Commento:
Gold closed near 1896 yesterday, pretty much unchanged from the day before. The price is still trading within the S-T horizontal range 1890-1910(2) bounded by the uptrend channel(1). A new round of technical selling will be triggered if the price breaks the bottom support of the channel(1). On the upside, a new resistance line(3) has formed in the last 24 hours, if the price breaks this resistance(3), the price will go back to 1910, the top of the horizontal channel(2).
As mentioned yesterday, we can feel the hesitation of buying entering the market since the price has been trading above 1870. The resistance above 1900 is even stronger. The price touched 1912(4) the day before following the 1902 day-high yesterday, the pattern can be looked at as a reversal signal for M-T. To confirm an M-T downtrend, the market needs to go below support line(6) as a start. On the upside, for sure need to be aware, if the market is able to close above 1900 in the next few trading days, a new round of buying will be triggered.
S-T Resistances:
1910-12
1907
1900
Market price: 1892
S-T Supprots:
1890
1885
1880
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Gold closed near 1896 yesterday, pretty much unchanged from the day before. The price is still trading within the S-T horizontal range 1890-1910(2) bounded by the uptrend channel(1). A new round of technical selling will be triggered if the price breaks the bottom support of the channel(1). On the upside, a new resistance line(3) has formed in the last 24 hours, if the price breaks this resistance(3), the price will go back to 1910, the top of the horizontal channel(2).
As mentioned yesterday, we can feel the hesitation of buying entering the market since the price has been trading above 1870. The resistance above 1900 is even stronger. The price touched 1912(4) the day before following the 1902 day-high yesterday, the pattern can be looked at as a reversal signal for M-T. To confirm an M-T downtrend, the market needs to go below support line(6) as a start. On the upside, for sure need to be aware, if the market is able to close above 1900 in the next few trading days, a new round of buying will be triggered.
S-T Resistances:
1910-12
1907
1900
Market price: 1892
S-T Supprots:
1890
1885
1880
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P. To @ 1uptick Analytic
The gold market was relatively stable yesterday bounded within 1875-85, closed at 1880.
The price was controlled by the triangle pattern(1) yesterday. The break of support line(1) has triggered a round of selling early in the Asian session today. A renewed triangle pattern(3) is now formed by the new support line(3.1) and the same resistance line(2) from yesterday.
The M-T uptrend has yet to change on the daily chart. As mentioned yesterday, buying momentum has been slowing down as the price approaching 1900. Although the price reached above 1885 multiple times in the past few days, the market has failed to close above 1880. Expert the price to move within 1870-85 for now on the daily chart, and most likely the price may need to retract before it can have a new high.
S-T Resistances:
1890
1885
1880
Market Price: 1879
S-T Supports:
1877-75
1870
1864
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