Gold Trend 20/09 - 23/09
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Gold was steady yesterday near the 2-years low yesterday. The market opens at 1657 back from the weekend. The price was rejected by the key resistance 1680 early in the Asian session, and the price kept moving lower toward the day-low near 1659 until the US session turned active. The day ended up closing at 1675, unchanged from the trading day before.
The downtrend originated from 1730 last Tuesday has completed after gold cleared the resistance from trendline(1) last Friday, and it is now officially bounded by the range 1650-90(3). A triangle pattern(2) has been formed in the past 48 hours while the market is now waiting for the announcement from US Fed. Meeting.
The gold price failed to move below 1650 after it cleared the critical support of 1680. A structural bottom is forming on the daily chart as the buying support below 1665(4) has been strong in the past 48 hours. The US Fed. The meeting will be the turning point; if the price fails to go below 1650 after the US Fed. announcement, the structural bottom will form. After the price clears the 1680 resistance, the upside target can be around 1730.
S-T Resistances:
1697-1700
1687-90
1680
Market Price: 1673
S-T Supports:
1670
1660
1650-52
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The downtrend originated from 1730 last Tuesday has completed after gold cleared the resistance from trendline(1) last Friday, and it is now officially bounded by the range 1650-90(3). A triangle pattern(2) has been formed in the past 48 hours while the market is now waiting for the announcement from US Fed. Meeting.
The gold price failed to move below 1650 after it cleared the critical support of 1680. A structural bottom is forming on the daily chart as the buying support below 1665(4) has been strong in the past 48 hours. The US Fed. The meeting will be the turning point; if the price fails to go below 1650 after the US Fed. announcement, the structural bottom will form. After the price clears the 1680 resistance, the upside target can be around 1730.
S-T Resistances:
1697-1700
1687-90
1680
Market Price: 1673
S-T Supports:
1670
1660
1650-52
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To
Note
Awaited Fed. rate decision, gold prices remained stable yesterday. The day began at 1675, where the price overall was trending downward throughout the early Asian and European sessions. It cleared the S-T trendline(1) at the US session and traveled all the way to 1660, the daily low from the day before. The day ended at 1664, down by USD 19.
1660-80(2) can be used as an operating range before the US Fed. An announcement later on today.
Since gold cleared the 1680 support, the downward resistance line(5) is dominating the daily chart trend. The S-T support 1665(4) is still in effect. The Fed. announcement will take over the next major movement.
S-T Resistances:
1687-90
1680
1670
Market price: 1666
S-T Supports:
1665
1660
1650-52
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P. To
Note
Gold bounced but failed to break out from the range. The day began at 1664 yesterday. The price was bounded by a tight 1660-65 range early in the Asian session. It reached the early peak of 1677 at the EU session after Putin's speech. At the US Fed. The announcement, gold has rebounded quickly from the 1653 day-low to the weekly high of 1688. The day eventually ended at 1673, up slightly from yesterday.
Market reaction was mixed after the US Fed. Meeting. The price is still controlled by the S-T 1660-80(1) range in the 1-hour chart; v can continue to take advantage of this range before it escapes.
The buying support below 1665(2) remains effective as gold hasn't been able to close below it in the daily chart. It will be the first sign of the price going down if it closes below 1665 on the daily chart. On the other hand, if the price fails to sink below 1665 in the next 48 hours, a jump toward 1700 may begin.
S-T Resistances:
1680
1670
1665
Market price: 1661
S-T Supports:
1660
1650-52
1642-40
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P. To
P. To @ 1uptick Analytics
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