Gold Trend 31/05 - 03/06

31 mai 2022

Gold remained in a tight range yesterday. The day began at 1852. The price first touched the day-high near 1863 early in the Asian session, then the consolidation started. The day finished at 1854, bounded in a USD 16 range.

The price has entered a relatively tight range between 1840-70(2) since it left the uptrend channel(1). We can continue to take advantage of the 1840-70 range until the next break.



Although the price has been wandering around the 1850(3) level since last week, a reversal signal has yet to appear, and the uptrend that originated from 1786 is still in effect. The target toward the 100 days MA remains unchanged. It will be the first sign of the price turning downward if it closes below 1850 on the daily chart.

S-T Resistances:
1870-72
1865
1860

Market price: 1853

S-T Supports:
1850
1845
1837-35

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P. To

1 juin 2022

Note

Gold hit near 2-week low yesterday. The price has been bouncing around the 1850 level after the market opened at 1855, early in the Asian session. The drop began once the price touched the day-high at 1857 during the European trading. I cleared the recent support of 1840 late in the US session and fell to the day-low near 1835. The day ended at 1837, down by USD16.

Gold is now testing the critical support of 1830(2) on the 1-hour chart. An S-T resistance line(3) has formed in the past 48 hours since the price touched 1864 on Monday. Expect the price to stay within the triangle pattern(4) in S-T. Until a new trending pattern forms, the 1830-65(2) sideway range will still be good on the 1-hour chart.



Gold closed below the 20 days MA and 1850 yesterday on the daily chart. The tr d seems to be turning weak for the moment. The price is currently supported at the 250 days MA (6) after the price escapes the range of 1840-70. If the price slide further below 1830, the next support zone will be near 1800-10(7).

S-T Resistances:
1847-50
1840
1835-37

Market price: 1833

S-T Supprots:
1830
1823-20
1815

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P. To

2 juin 2022

Note

Gold rallied from the one week-low yesterday. The market started at 1836; the price slowly sank toward the day-low 1828 throughout the Asian and European sessions. The rebound began once the US session became active, and the price jumped to the day-high near 1850, with the day ending at 1845.

Gold escaped the triangle pattern(1) yesterday; the downtrend that originated from 1864 is now officially completed. The buying momentum is accumulating on the 1-hour chart; once the price clears the resistance at 1850(3), it should be able to climb to the top of the range near 1865. In the next 24 hours, the range-bound trading of 1830-65(2) can be used as a preliminary strategy before the US releases its employment figures on Friday.



The pattern hasn't changed much, where the 250 days MA(6) remains the critical support on the daily chart. The uptrend from May 16th (1786) is still valid on the daily chart. It will be the first sign of the upward movement restarting If the price breakout from the current resistance trendline(5). Meanwhile, 1840 & the 20 days MA supports the price in S-T.

S-T Resistances:
1865
1860
1850

Market price: 1845

S-T Supports:
1840
1835-37
1830

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P. To