Gold Trend 24/01-28/01
Mis à jour
Gold retraced slightly last Friday. The day has started weak at 1839 and the price touched the early low at 1828 near the opening of the European session. The price had a quick rebound to 1843 at the US session, and the day ended near 1828, down by USD 5.
So far, gold has been behaving quite well within 1830-50 on the 1-hour chart as we have expected. After 2 days of consolidation before the weekend, a downward resistance trendline(1) has been formed. The price will once again touch the top of the 1830-50(2) range in S-T if it crosses the resistance line(1). Expect the price to stay within 1830-50(2) within the day.
As mentioned before the weekend, the S-T reversal signal(5) has dominated the S-T trend. However, gold is still maintaining its path within the uptrend channel(3) on the daily chart. And the major support is now at 1830(4) on the daily chart, in case it breaks later on this week, the price will visit again the bottom of the channel(3).
S-T Resistances:
1855
1850
1843-41
Market price: 1836
S-T Supports:
1835
1830-28
1825
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P. To
So far, gold has been behaving quite well within 1830-50 on the 1-hour chart as we have expected. After 2 days of consolidation before the weekend, a downward resistance trendline(1) has been formed. The price will once again touch the top of the 1830-50(2) range in S-T if it crosses the resistance line(1). Expect the price to stay within 1830-50(2) within the day.
As mentioned before the weekend, the S-T reversal signal(5) has dominated the S-T trend. However, gold is still maintaining its path within the uptrend channel(3) on the daily chart. And the major support is now at 1830(4) on the daily chart, in case it breaks later on this week, the price will visit again the bottom of the channel(3).
S-T Resistances:
1855
1850
1843-41
Market price: 1836
S-T Supports:
1835
1830-28
1825
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P. To
Commentaire
Gold remained within a tight range yesterday. The market opened at a relatively low point near 1832. The price has gradually moved higher until it reached the day-high near 1844 at the European session. The day ended near 1842, up by USD 8, fluctuated in a USD 14 range.
So far so good, the movement of the gold price has been in line with our expectations within the 1830-50(2) range. The price once again touched the low at 1828 yesterday, but notice, the buying support below 1833(3) has increased compared to its previous visit. While the price is expected to stay between 1828-50(2) until its break, the range should further be tightened to 1833-44(4) in the next 24 hours.
Gold successfully defended the 1830(5) support in the daily chart and the reversal signal(6) was now neutralized by the buying yesterday(6.1). Until the US Fed. meeting, the price should be bounded by 1830-47(7).
S-T Resistnces:
1855
1850
1843-41
Market price: 1841
S-T Supports:
1838-40
1833
1828
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P. To
Commentaire
Gold tested a new high yesterday. The range was quite tight where the market has opened at 1842 and the price has been trading between 1838-43 throughout the day before the US session. Buying orders has been triggered by the price breaking out from the 1843(1) resistance. Gold has reached a new 2 month high at 1853 before the day's end, with the market eventually closing at 1847.
Althought the price has gone to as high as 1854, it failed to break 1850 after all. 1850 will continue to be the key resistance level with 1843 becoming the new S-T support, waiting for the price to break out from the 1830-50 zone.
The structure hasn't changed much in the daily chart where the price is still not able to clear 1850. No matter what happened after the US Fed. meeting, the uptrend channel(4) should be able to provide a reasonable blueprint for entering the market.
S-T Resistances:
1860
1854
1850
Market price: 1847
S-T Supports:
1843-45
1838
1833
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P. To
Commentaire
Gold fell USD 28 yesterday. The market was relatively stable traded between 1843-47 during the Asian and European sessions. Selling orders have been triggered by the price breaking the support trendline(1) in the early stage of the US session. At the US Feb. announcements, the price then slid further. It has escaped the 1828-50(2) trading zone and went all the way to the day low near 1814. The day ended at 1818.
Gold is now being shifted to a downtrend after the price escapes the 1828-50(2) trading zone. By using the previous trading zone 1828-50 as a 1:1 reference, the preliminary downside target can be set at 1806 in S-T.
As mentioned yesterday, using the uptrend channel(4) as a blueprint for trading the daily chart shouldn't be too far off.
S-T Resistances:
1826-28
1820
1815
Market Price: 1810
S-T Supports:
1808-06
1800
1795
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P. To
P. To @ 1uptick Analytics
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