Gold Trend 23/08 - 28/08 (Review Daily)
Atualizado
The gold market was relatively stable last Friday. The price was under the pressure from resistance line(1), traded overall in between 1780-88. The price finally broke resistance line (1) this morning, we can expect the price to bounce between 1775-90(2) in S-T. The overall pattern(3) is still under development, waiting for the price to break 1790-93 resistance.
The gold price steadies between 1775-95(4) on the daily chart. Upside 1797 remains the key resistance.
S-T Resistance:
1800
1797
1790-93
Market price: 1787
S-T Supports:
1780
1775
1770
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The gold price steadies between 1775-95(4) on the daily chart. Upside 1797 remains the key resistance.
S-T Resistance:
1800
1797
1790-93
Market price: 1787
S-T Supports:
1780
1775
1770
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Nota
Gold rose above 1800 yesterday. The price was trading under 1790 throughout the Asian and European sessions, and it has gone all the way to the 2-week high near 1807 after it has cleared the resistance at 1793. The day ended near 1805, up by USD 24.
Gold so far has been trading in line with our expectations. As mentioned last Friday, the gold price should have a break-out ' in the next 48 hours. The price has broken the resistance line(1) early in the Asian session yesterday and cleared all the selling orders between 1790-93(2) at the US session opening. The pattern(3) is finally on the move. Expect the price to climb under trendline(4) until the momentum starts to pick up. The first target remains near 1830.
Gold finally broke the 1797(5) resistance yesterday on the daily chart. While the price is now returning to zone(6), the upside 1835 should be the next major resistance.
S-T Resistance:
1815
1810
1805-07
Market Price: 1800
S-T Supports:
1797
1790-93
1785
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Nota
Gold reached a new weekly high yesterday. The market has traded in a tight range between 1800-05 throughout yesterday, with the price touched 1809 briefly at the US session.
The trading volume was quite thin in the past 24 hours. While the resistance was strong near 1810(1) yesterday, the market is now trading below 1793 broken the S-T support 1800(2) in the Asian session today. Notice, the overall structure hasn't changed as long as the price stay above the support zone 1790-93(3) on the 1-hour chart. Before an uptrend channel is officially formed, pattern(4) can still be used as a preliminary reference for now.
The gold price is still trading within the 1790-1835 zone. The upward momentum will remain dominant on the daily chart, as long as the price stays above 1790. The upside resistance is now at the 100 days MA(5).
S-T Resistances:
1805
1800
1797
Market price: 1794
S-T Supports:
1790-93
1780
1775
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Nota
Gold slid over USD 12 yesterday. The price has fallen to the support zone 1790-93 early in the Asian session. During the US session, the price has first touched 1797 and began its drop toward day-low 1782. The day ended at 1790.
Gold failed to stay above the key support of 1793 yesterday, a sign of the upward momentum, from the beginning of the week, is slowing down and the upward structure is now deforming. While the price is trading below 1790, the 1790-93(3) selling zone becomes once again the key upside resistance. A temporary channel(2) has been formed on the 1-hour chart. If the support of channel 2 is broken, the price will resume back to last week's 1775-93(4) zone.
Although the market was supported by 1790 at the day's end yesterday, the price is well below the key support of 1797 on the daily chart. If the price failed to close above 1790 today, the overall trend will be shifted from 1790-1835 to 1775-1810.
S-T Resistances:
1800
1797
1790-93
Market Price: 1787
S-T Supports:
1780
1775
1770
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Nota
Gold rallied from a near 1-week low yesterday. The price had broken the support of 1790 early in the Asian session and the price had gone to as low as 1778 during the US Session. The price had rebounded to 1798 before the day ended near 1791. The day up slightly by USD 1.
Overall, the price movement was in line with our expectation yesterday, with the price traded between 1775-93 most of the time. Although the price was rejected by 1793 yesterday, it cleared the 1793 resistance early in the Asian session today(1). The price is now trending up in S-T. Channel (2) that was mentioned previously is now shifted to (2.1) by the day-low yesterday. The price is now testing the resistance at 1800. If the price can clear 1800(3), the next upside target should be near 1810.
The gold price closed above 1790 yesterday, successfully defended the horizontal structure 1790-1835(5) on the daily chart. A clear buying signal(4) has been formed by the 2 relatively long lower wick lines. The 100 days MA near 1810 is now the first target for the current surge.
S-T Resistances:
1815
1810
1805-07
Market price: 1801
S-T Supports:
1797
1790-93
1785
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P. To @ 1uptick Analytics
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