Gold Trend 22/11 - 26/11 (Review Daily)
Updated
Gold slipped on Friday. The market opened near 1859, and the price had retraced to the early low at 1851 during the European session. Before the price slip further, it had rebounded to 1865 at the US session. The day ended around 1846, down by USD 12.
The price has traded within the triangle pattern(1) early last Friday. Selling has been triggered by the price breaking out from the support(2). The price has touched 1838 early in the Asian session today, but it quickly rebounded. The wedge pattern(3) is still valid in the 1-hour chart. If the price once again travels below 1843, this time expects the price to touch 1833 or lower.
It is the first time in 2 weeks the daily closing price is below 1850 in the daily chart, a sign of it escaping the range(5). If the price fails to close above 1850 today, the long-awaited consolidation will soon begin.
S-T Resistances:
1860
1855
1850
Market price: 1848
S-T Supports:
1840-43
1835
1830
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P. To
The price has traded within the triangle pattern(1) early last Friday. Selling has been triggered by the price breaking out from the support(2). The price has touched 1838 early in the Asian session today, but it quickly rebounded. The wedge pattern(3) is still valid in the 1-hour chart. If the price once again travels below 1843, this time expects the price to touch 1833 or lower.
It is the first time in 2 weeks the daily closing price is below 1850 in the daily chart, a sign of it escaping the range(5). If the price fails to close above 1850 today, the long-awaited consolidation will soon begin.
S-T Resistances:
1860
1855
1850
Market price: 1848
S-T Supports:
1840-43
1835
1830
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P. To
Note
Gold fell more than USD 40 yesterday. Back from the weekend, the market gapped lower at the opening near 1841. Once the price broke out from 1843(1), selling had accelerated. At the US session, the price crossed the key support at 1833(2) and dropped further. The market had touched day-low at 1802 before closing with the day ending at 1804, down by USD 42.
Gold has completed a 61.8%(3) retracement from its previous climb. The price is now supported at 1800-03, however, a reversal signal has yet to form. The overall trend in the 1-hour is still dominated by selling. Expect the price to be bounded within 1800-20(4), before the next move.
The long-awaited consolidation has finally appeared after the price broke out from Range(5), the fall is a lot faster and sharper than expected. Although the price is currently standing at the 250 days MA(6), a reversal signal is yet to reveal. If the price travel to the downside in the next 48 hours, expect the price to touch trendline (7).
S-T Resistances:
1825
1820
1810-12
Market price: 1807
S-T Supports:
1803-00
1795
1790
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P. To
Note
Gold sunk deeper yesterday. The price had steadily gone lower throughout the day after the slight rebound early in the Asian session. Once the price crossed the support at 1800-03(1), the price has gone all the way to day-low near 1781. The day ended at 1788, down by USD 15.
After 4 days of consolidation, the range of the drop yesterday has finally narrowed down. The gold found a S-T support at 1780, however, a bottom for the current downtrend has yet to be confirmed. Perlimeray expectation is the price to trade between 1780-1810(2) for today, and the breakout of the key resistance 1800-03 will be the first signal of the price finding the bottom.
Gold is trying to break the support trendline(3) on the daily chart. If the price fails to jump back to above line(3) in the next 2 days, it will most likely visit again 1760 or below. The price is currently bounded by the 50 days(4) & 100 days(5) MA. The 250 days MA(1803) will be the target on the upside if it breaks the 100 days MA.
S-T Resistances:
1808
1800-03
1795
Market price: 1793
S-T Supprots:
1788-90
1783
1780
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P. To
Note
Gold wandered near the 2 weeks low yesterday. The market opened near 1789, and the price had climbed to the day-high 1796 early before the European session. The price then began to slip. It touched a 2-weeks low at 1777 at the US session. The day ended near 1788, down slightly by USD 1.
After the price visited the bottom twice in the last 48 hours, Gold has finally found the S-T support at 1780. During the US thanksgiving holiday, expect the price to remain within the 1780-1810(1) range.
Althought the price touched the 1780 support twice, it has failed to close below the 50 days(3) MA in the last 2 attempts. An S-T bottom is now been formed on the daily chart. The S-T trend is similar to yesterday, where the price is now bounded by the 50 days(3) & the 100 days(2) MA, and the upside target remains the 250 days MA (around 1803).
S-T Resistances:
1808
1800-03
1795
Market price: 1793
S-T Supprots:
1788-90
1783
1780
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
P. To @ 1uptick Analytics
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