Gold Trend 16/05 - 20/05
Diupdate
Gold supported at 1800 last Friday. The day began at 1882. After a brief rebound toward 1828 at the European session, the selling resumed after the price cleared the support at 1820. The gold price fell all the way to a day-low at 1799 at the US session opening with the day ending near 1811, down by USD 9.
The resistance line(2) originated from 1909 is still valid, and the drop seems to accelerate, where a steeper downward trendline(3) has formed in the Asian session today. The price is trying to break the 1800 support for the moment. If the price clears all the buying orders at 1800, the next downside target will be at 1780. However, the trendline(3) is relatively steep on the daily chart; if the selling momentum can't sustain in the next 12 hours, the price will once again climb above the trendline(3), ending the current downtrend.
Gold is still maintaining its path within the downtrend channel (2), waiting for a reversal signal to be formed. If the price clears the support at 1800, the downside target will be at 1780.
S-T Resistances:
1815
1808-10
1800
Market price: 1798
S-T Supports:
1790-92
1787
1780
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The resistance line(2) originated from 1909 is still valid, and the drop seems to accelerate, where a steeper downward trendline(3) has formed in the Asian session today. The price is trying to break the 1800 support for the moment. If the price clears all the buying orders at 1800, the next downside target will be at 1780. However, the trendline(3) is relatively steep on the daily chart; if the selling momentum can't sustain in the next 12 hours, the price will once again climb above the trendline(3), ending the current downtrend.
Gold is still maintaining its path within the downtrend channel (2), waiting for a reversal signal to be formed. If the price clears the support at 1800, the downside target will be at 1780.
S-T Resistances:
1815
1808-10
1800
Market price: 1798
S-T Supports:
1790-92
1787
1780
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P. To
Catatan
Gold rallied from the new 2-month low yesterday. The market opened at 1809. The price has started to sink after reaching the early day-high near 1817 in the Asian session. The new 2-month low near 1786 was touched before the European session, and once the European market became active, the price rebounded. The market has gone to as high as 1826 during the US trading, with the day ending near 1823, up by USD 12.
As mentioned yesterday, the much steeper bearish trend(1) would be hard to sustain if no additional selling was available in the past 12 hours. Once the selling momentum slowed down yesterday, the piece climbed back to above the resistance line(1), triggering a new round of buying on the 1-hour chart. The resistance line(2) is still ineffective, expect the price to maintain within the triangle pattern(3) for now. If the price breakout from the trendline(2), S-T range-bound trading between 1800-30 will be next.
A reversal signal(5) has finally appeared on the daily chart. If the price can escape the downtrend channel (6), the next target will be the 100 days MA(7).
S-T Resistances:
1840
1835
1830-28
Market price: 1823
S-T Supports:
1820
1815
1808-10
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P. To
Catatan
Gold pulled back from the 250 days MA yesterday. The day began at 1824; overall, the price traded between 1822-30 throughout the Asian/European sessions. Until the trading entered the US session, the price spiked to the day-high 1836, then the fall began. It dropped to the day-low at 1812, with the day ending at 1814, down by USD 9.
Gold has finally escaped the downward trendline(1), officially ending the downtrend that originated from 1909. Expect the S-T trend to transform horizontally to an 1800-30 range-bound on the 1-hour chart until the next breakout.
The buying momentum is not strong enough to push the price over the 250 days MA on the daily chart; gold is still maintaining its path within the downtrend channel(6). On the daiy chart, the closing price cannot close below 1810 so far. Pay close attention...where it will be a sign of the price heading toward a new low if the daily closing price ends below 1810(7) in the next few trading days.
S-T Resistances:
1830
1825
1820
Market price: 1810
S-T Supports:
1805
1800
1795-93
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P. To
Catatan
A tight range-bound for gold yesterday. The day began at 1814, and the price was basically traded between 1810-20 throughout the day. The day ended at 1816, up slightly by USD 1.
The price maintains its horizontal path within 1800-30(3) in the 1-hour chart and can continue to take advantage of the range until it breaks. A new downward resistance line(1) has formed in the past 48 hours; once the price breaks out from this line(1), the previous selling momentum will slow down further.
Gold is still bearish until it escapes the downtrend channel(5). 1810(4) is still the critical support; a new round of selling will be triggered if the price closes below 1810 on the daily chart.
S-T Resistances:
1830
1825
1820
Market price: 1814
S-T Supports:
1810
1805
1800
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P. To
Catatan
Gold jumped more than USD 25 yesterday. The day began at 1816; buying orders came into the market after the price touched the day-low at the US session. The first round of buying was triggered by the price breaking out from the trendline(1) during the European session, and the second round of buying appeared during the US session once the market cleared all the selling at the 1830(2) resistance. The price reached a day-high at 1849, with the day ending near 1841.
The trend in the 1-hour chart is now shifting from its previous 1800-30 range-bound to an uptrend for now. An uptrend channel(3) has been formed in the past 48 hours. If the price can clear the 1850(4) resistance, the next upside target will be set at around 1860-65.
Gold has finally escaped the downtrend channel(5) on the daily chart. Same as the 1-hour chart, the current S-T resistance is now at 1850. If the price can jump beyond 1850, the 20 days(6) & 100 days(7) MA will be the next upside target.
S-T Resistances:
1865
1860
1850
Market price: 1848
S-T Supports:
1840
1832-30
1825
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P. To
P. To @ 1uptick Analytics
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