Gold Trend 02/08 - 06/08

업데이트됨

Gold retreated from the weekly high last Friday. The price has traded between 1825-30 throughout the day and it began its drop at the US session. The price broke support(1) and clear all the buying orders between 1815-18(2) ending the day at 1813, down by USD13.

The buying momentum halted completely above 1830 last week since the price has escaped the S-T uptrend(4), A temporary support line has formed before the market closed last Friday, however, it has been cleared by the market early in the Asian session. The price is currently trading between 1810-15(2). If the price clears the support at 1810, the price will be back to last week's 1795-1810 zone.

The price is still trading within the 1790-1835(7) range in the daily chart. The resistance at the 50 days MA(9) is strong so far. Need to notice, the buying momentum from last week will run out if the price escapes the uptrend channel(6) to the downside in the coming week. A double-top(8) is now being developed by the market. Be patient before the next break.

S-T Resistances:
1830
1825
1815-18

Market price: 1810

S-T Supports:
1810
1805
1800

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노트

Gold remained in a tight range yesterday. The price rallied from 1806 and touched a day-high 1819 at the US session, finished the day at 1813, nearly unchanged from the day before.

The climb to 1819 at the US session ended the 1830 drop from last Friday. A horizontal range, 1807-1818(2), has been created by the movement yesterday. An S-T support line(1) has formed in the past 24 hours. It will trigger a few selling orders if line(1) breaks.

Nothing change much in the past few trading days. Overall, the price is still trading in the 1790-1835 range(4) on the daily chart. At the same time, the price is successfully maintaining its path within the uptrend channel(3). As mentioned yesterday, just need to be patient, wait for the next M-T trend to develop.

S-T Resistances:
1830
1825
1815-18

Market price: 1813

S-T Supprots:
1810
1805
1800

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노트

Gold was basically flat yesterday traded in a super tight range. Nothing has changed in the past 24 hours, the pattern keeps in the 1807-1815 range(1).

The price is now bounded by the 5 & 20 days MA on the daily chart. In order for the uptrend channel(2) to stay in effect, the daily closing prices for the next 48 hours need to keep moving higher. If the price escapes channel(2), the upward momentum that has been accumulating will all be neutralized.

S-T Resistances:
1830
1825
1815-18

Market price: 1813

S-T Supports:
1810
1805
1800

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노트

Gold once again pulled back from the weekly high yesterday, closed nearly unchanged from the day before. The price had bounced between 1810-1815 early in the Asian & European session yesterday. It then broke the 1818 resistance at the opening of the US session, climbed all the way to 1832(2). But the price has fallen quickly thereafter with the day ended at 1811, back into the 1807-1818 zone(4).

The resistance has remained strong near 1832(2) after the fluctuation yesterday. As the price is now back to the 1807-1818 zone(4), if it breaks the bottom support of the range at 1807, the price will likely touch 1794 in the 1-hour chart.

The price has failed to close above 1820 on the daily chart. As mentioned yesterday, it is now critical in the next 24 for gold to push the closing price higher in order for it to stay in the uptrend channel(5). The upward momentum will further be reduced if the closing price ends below 1812 today. On the other hand, the upper shadow line(6) may initiate selling momentum today. If the price breaks the support at 1807, the price may once again test the bottom support 1790 of the range(7).

S-T Resistances:
1830
1825
1815-18

Market price: 1811

S-T Supports:
1810
1805
1800

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노트

Gold escaped the 1807-1818 range yesterday. The trading was stable early in the Asian & European session, and the price broke the 1807 support(1) at the US session right after it has touched 1815. Day-low has gone to as low as 1797 with the day ended at 1803, down by USD7.

The trading range has shifted from 1807-1818 to 1794-1807(3) on the 1-hour chart. Currently, the price is now supporting at 1800 and at the same time being pressured by the newly formed S-T resistance line(2). As the price is approaching the breaking point of 1800 or resistance line(2), the price movement should accelerate within the 1794-1807 range during the European session.

The development on the daily chart is much more interesting for gold. The price escaped the M-T uptrend channel(4) yesterday, a sign of uplifting momentum has reduced further. Although the horizontal structure 1790-1835(5) remains in effect, the double top(6) may dominate the market if all the supports at neckline 1795 are cleared. The US employment figure may be the key.

S-T Resistances:
1815-18
1810
1807

Market price: 1800

S-T Supports:
1795
1790
1785

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