Gold Trend 13/12 - 17/12 (Review Daily)
Updated
Gold gained slightly last Friday. The price had carried the selling momentum from the day before, the price slipped to 1770 at the European session. Once the US released its inflation figures, the price had rebounded quickly. It touched day-high at 1789, with the day ended at near 1782.
The pattern hasn't changed much on the 1-hour chart. So far, can't see any sign of it escaping from its current 1770-92(1) range, the trading strategy remains range-bound for now.
Since the reversal signal ended the downtrend in early Dec., the price has been trading in the 1770-1795 range(2) in the daily chart. The 100 days MA(3) remains the next resistance on the upside.
S-T Resistances:
1800
1792-94
1788
Market price: 1784
S-T Supports:
1778-80
1774
1768-70
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P. To
The pattern hasn't changed much on the 1-hour chart. So far, can't see any sign of it escaping from its current 1770-92(1) range, the trading strategy remains range-bound for now.
Since the reversal signal ended the downtrend in early Dec., the price has been trading in the 1770-1795 range(2) in the daily chart. The 100 days MA(3) remains the next resistance on the upside.
S-T Resistances:
1800
1792-94
1788
Market price: 1784
S-T Supports:
1778-80
1774
1768-70
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
Note
Gold inched higher yesterday. The price had been steadily on its way up after the market opened near day-low around 1782. The price reached day-high 1791 before the US session, and the price retraced thereafter, with the day ending near 1786.
The pattern hasn't changed much in the 1-hour chart. Overall the price is still maintaining its path within the 1770-1792 range(1), continuing to take advantage of the current stable range-bound market.
The horizontal pattern 1770-1793(2) is still dominating the daily chart. The 100 days MA remains the resistance to the upside, & the newly formed upward trendline(4) may provide support in S-T to the downside.
S-T Resistance:
1800
1792-94
1788
Market price: 1785
S-T Supports:
1778-80
1774
1768-70
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
Note
Gold pulled back from the weekly high yesterday. The market opened in 1785 and the price had mainly been trading between 1782-88 throughout the Asian & European sessions. Once the US session began, selling poured into the market. Price went to as low as 1766. The day eventually ended at 1770, down USD 16.
A round trip from 1770-92(1) and back since 10/12, the horizontal range-bound strategy has basically been completed nicly in just 4 trading days. The price is still supporting at 1770, however, selling momentum seems to have accelerated in the past 24 hours. If the price break the support at 1770, estimate the price will have a 1:1 drop (2) from its previous range, targeting around 1748.
Trendline(4) has failed to offer the gold uptrend support yesterday, and it is the first time in a week that the price closed below 1774(5) in the daily chart, signs of the price heading lower. If the price breaks the key 1770 support and escapes the support zone between 1760-70, the downside target can be aimed at around 1720 on the daily chart.
S-T Resistance:
1788
1780
1775
Market price: 1770
S-T Supports:
1765
1760-61
1754
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P. To
Note
Gold rallied from the 2-months low yesterday. The market opened near 1771, and the selling accelerated at the US session opening. The price cleared the 1770 support and dipped all the way to a 2-months low near 1752 right after the US Fed. announcement. The gold price rebounded quickly thereafter, the day ended at 1776, up USD 6.
Gold has carried the selling momentum from the day before with the price touched 1752, completing the 1:1 target(1) of the 1770-92 range break. The rapid rebound has led the price back to the 1770-92(2) range before the day-end. If the price keeps the buying momentum from yesterday, it will be able to return to the top of the (2) range, 1792.
At the end of the day, gold has failed to clear the support in the 1760-70 zone(3). The closing price at 1774 has created a reversal signal(4) on the daily chart, this time should be strong enough to contend with the previous selling pressure (4.1). Back to the 1770-95 range, the upside target can be set the 100 days MA (6) again.
S-T Resistances:
1792-94
1788
1784
Market price: 1782
S-T Supports:
1778-80
1774
1768-70
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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