Gold Trend 12/07 - 16/07 (Review Daily)

已更新

Gold traded within a USD 16 range last Friday, remained in a tight range without any structural changes on the 1-hr chart. Can continue to take advantage of the 1790-1815(1) range before the next break. The S-T uptrend channel(2) can be used as a rough guide to trade within the range. If the price crosses the bottom support line(2.1), most likely the price will once again visit 1800 and below.

Although the trading volume was relatively thin in the late Friday session last week, the daily closing price is still being pushed higher each day by the market as the market ended the week near 1807, about USD5 higher than the day before. However, selling pressure above 1810 remains strong, patient once again is the key. Before the breakthrough, the price should bound within zone(3).

S-T Resistances:
1815
1810
1805

Market price: 1803

S-T Supports:
1800
1794-5
1790

If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!

P. To

注释

Gold rallied from the bottom of the range yesterday. The price began its slide early in the Asian session, broke 1800 at the US session opening, and touched day low at 1790. The price bounded back to 1805 for the day's end.

As mentioned yesterday, still awaiting the next major structural change on the 1-hr chart, as the price has been trading within the 1790-1815(1) range for almost a week now. Overall, the price is still shifting up slightly by an uptrend channel(2), however, selling remains above 1810. For the next move, the price will need to clear the resistance between 1815-1818(3) in order for it to climb higher. But before any breakthrough happens, continue to take advantage of the 1790-1815 range !

Trend stays horizontal between 1795-1815(4) on the daily chart, nothing change yet. Be patient for the next break!

S-T Resistances:
1818
1815
1810

Market Price: 1809

S-T Supports:
1805
1800
1794-5

If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!

P. To

注释

Gold was once again rejected by 1818 yesterday. Carrying the buying momentum from the US session the day before(1), the price climbed gradually(2) early in the Asian and European sessions yesterday. The market has become volatile once the US released its inflation figures, the price touched as low as 1797 then quickly rebound to day-high 1818. The day ended at 1807, up by USD 2.

The resistance at 1815-1818 remains strong at the moment. However, a new S-T support line(3.1) has formed in the past 48 hrs on the 1-hr chart. Along with the resistance line(3), a breakthrough may happen in the coming 24 hours. If the price clear the resistance zone 1815-18, the price should be able to reach the upper resistance line(3) around 1830 level; on the other hand, if the price break the support line(3.1), it will stay in 1790-1818, range(4).

Gold is still trading within the 1795-1815(5) range. If the price is able to clear the resistance at 1815, a preliminary target can be set near 1835(6).

S-T Resistances:
1825
1818-20
1815

Market price: 1812

S-T Supports:
1810
1805
1800

If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!

P. To

注释

Gold finally escaped the 1790-1815 range yesterday. The price was bouncing between 1810-15 while it traded early in the Asian & European session yesterday. As the market approached the US session opening, the price has cleared the resistance at 1815-18 and climbed all the way to 1829 level. The day ended near 1826, up USD 19.

The market has triggered some technical buying orders as it broke the resistance at 1818, but the buying momentum wasn't strong. The S-T support line(2) and the resistance line(3) are still valid. The S-T uptrend is not yet finished. Resistance is now sitting at 1830, once it breaks the next target will be near 1835.

The gold price has finally escaped the 1795-1815(5)range on the daily chart, the target for the breakthrough will be a 1:1 ratio of 1835(5).

The medium/long-term target that I mentioned last week finally has some progress, target remains near 1880(6).

S-T Resistances:
1840
1835
1830

Market price: 1829

Market Supports:
1826
1822
1816-18

If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!

注释

Gold pulled back from a 1-month high yesterday. The day opened near 1826 yesterday. It broke the resistance 1830 at the European session and climbed to 1835. But thereafter, buying didn't follow through, the day ended at 1829, up slightly by USD2.

The upward triangle pattern(1) is still valid on the 1-hr chart. A new S-T resistance line(2) has formed in the past 24 hours; if the price breaches line(2), it should be able to touch the high again. Notice, the buying momentum is not strong at all after. If the price breaks the support line(1.1), it will enter a period of range-bound again, 1818-1835(3).

After the price broke the horizontal range 1795-1815(4) on the daily chart, it has basically achieved the initial target of 1835. The 50 days MA will be the next target if it continues to climb. Meanwhile, support is now sitting at the 5 days MA.

S-T Resistances:
1835
1830
1826

Market Price: 1825

S-T Supports:
1822
1816-18
1810

If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!