Gold Trend 16/08 - 20/08 (Review Daily)
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Gold climbed near USD 27 last Friday. The price was stable below 1760 at the Asian and European sessions. Once it has broken the key resistance 1760(3), the price surged all the way to close near 1779.
Since the price had broken out from the resistance line(1) last Thursday, it has climbed along with the S-T support line(2). As it broke the key 1760 resistance on Friday, the S-T target is sitting at 1790(4) for now.
The gold price has finally escaped the resistance zone 1750-60(5) last Friday on the daily chart. The downward momentum from the week before should pretty much be clear as the price is now trading above the support line(6). Before the next breakout, the price should be bounded by 1760-90.
S-T Resistances:
1790
1784
1780
Market price: 1774
S-T Supports:
1770
1760
1755
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P. To
Since the price had broken out from the resistance line(1) last Thursday, it has climbed along with the S-T support line(2). As it broke the key 1760 resistance on Friday, the S-T target is sitting at 1790(4) for now.
The gold price has finally escaped the resistance zone 1750-60(5) last Friday on the daily chart. The downward momentum from the week before should pretty much be clear as the price is now trading above the support line(6). Before the next breakout, the price should be bounded by 1760-90.
S-T Resistances:
1790
1784
1780
Market price: 1774
S-T Supports:
1770
1760
1755
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P. To
Ghi chú
Gold continued to climb yesterday. It was under pressure by the 1780 resistance early in the Asian and European session. The price has climbed all the way to day-high 1789 right after it touched day-low at 1770 at the US session opening. The day ended at 1786, up slightly by USD 7.
Gold has completed the 1790 target from yesterday. The upward momentum seems to have accelerated from the support line(2) to a steeper support line(2.1). The price is testing the resistance zone 1790-93(1) for now, if the price can break out from this zone, the next target can be set at 1830(3).
The buying has been strong in the past few trading days since it breaks the 1760 resistance on the daily chart. It is now back to the 1790-1835 zone. If the price can break the neckline(4) of the previous double-top, the M-T target can be set at 1835.
S-T Resistance:
1807
1800
1797
Market price: 1791
S-T Supports:
1790
1780-82
1775
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P. To
Ghi chú
Gold pulled back from a 1-week high yesterday. The price was wandering between 1784-89 early in the Asian session. It has broken out from 1790 and touched the day-high 1795 at the US session. The price then retraced to day-low near 1780 and ended the day at 1785, down slightly by USD 1.
Gold was rejected by the 1790-93 resistance zone(2) yesterday. While the price has broken the S-T supported line(1) on the 1-hour chart, the buying momentum originated from 1720 should start to slow down. As long as the gold price fails to clear the resistance at 1790-93, the trading range 1760-90 should remain valid.
The neckline 1797(3) from the previous double-top pattern remains a strong resistance on the daily chart. The pullback before the market closing yesterday has created an S-T reversal signal. The price may need to consolidate a bit lower in the next 24 hours.
S-T Resistances:
1807
1800
1797
Market price: 1792
S-T supports:
1790
1780-82
1775
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P. To
Ghi chú
Gold continued to wander near the weekly high yesterday. The price has touched the day-high at 1794 early in the Asian session and it began its way down. The day ended at 1787, up slightly by USD 1.
Gold is still in a period of consolidation in the 1-hour chart after it has been rejected by 1793. The price has broken the S-T support line(1) early in the Asian session today. In the past 48 hours, a new downtrend channel(3) has been formed. Unless the selling momentum can accelerate and breakout from the bottom of the channel(3) touching 1760 in S-T, otherwise the upward flag(4) will be the major pattern under development on the 1-hour chart, with the key breakout resistance at 1790-93(5).
The price has been rejecting by 1790 on the daily chart. Range-bound is now trading between 1760-90 with major resistance at 1797(6).
S-T Resistances:
1793-97
1790
1780
Market price: 1778
Major Supports:
1770-72
1760
1755
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P. To
Ghi chú
Gold dropped slightly yesterday. Overall the price has traded between 1775-93 throughout the day without much difference from the day before.
The gold price has started to escape the S-T channel(1) that we mentioned yesterday, created a new resistance line(2) in the past 24 hours. The upward flag pattern is still under development. The key breakout remains at 1790-93 on the 1-hour chart. On the other hand, the trend line(1.1) continues to be the major support for the flag structure. Expecting a pattern to appear in the next 48 hours for now.
The price remains to trade within the 1775-93(4) range yesterday, it's the first time this week that the price closes below 1780 on the daily chart. A slight pattern change is always the start of a new pattern.
S-T Resistances:
1800
1797
1790-93
Market price: 1785
S-T Supprots:
1780
1775
1770
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P. To
P. To @ 1uptick Analytics
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