Gold price continued to rebound last Friday, reaching the 38.2% retracement @ 1896.
A softer dollar and mounting coronavirus cases around the world has provided support for gold. Key resistance is now at 1898-1900 level. At the same time, the price is currently running higher along with the S-T support trend line. If the the support of this trend line is broken, expect the price to consolidate once again between 1860-1898.
S-T Resistance: 1898 / 1908
S-T support: 1890/ 1880
A softer dollar and mounting coronavirus cases around the world has provided support for gold. Key resistance is now at 1898-1900 level. At the same time, the price is currently running higher along with the S-T support trend line. If the the support of this trend line is broken, expect the price to consolidate once again between 1860-1898.
S-T Resistance: 1898 / 1908
S-T support: 1890/ 1880
Note
Once again caused by the vaccine news, gold price has broken the S-T support trend line and dipped as much as USD 30/oz to 1864 before the US session. However, the impact was far less than last week. The price has fully recovered as investors has steady bought back the positions during the US session.
After all, all the vaccines will still take time to deploy while the global economy is still facing a hard-time in M-T with more market stimulus expecting to come.
The quick recovery yesterday created a long lower shadow on the daily chart, indicating relatively strong buying support.
S-T Resistance: 1890 / 1898-1900 / 1912
S-T support: 1880/ 1870
Note
Gold price bounded by the range of 1883-1893 yesterday. And it finally broke the support early this morning consolidating downward.
The bullion market is relatively quiet with no news to change the fundamental. We can expect the price to move within the range of 1860-1898 in mid-term. In short-term, notice the buying is not following through in yesterday's session. Upward momentum from Monday has shifted horizontally in the past 36 hours, and now downward. A S-T resistance line (1) has formed. The price is currently touching the support of the newly formed uptrend channel (2). If the bottom of the channel is breached, expect the price to touch 1870-64 level (3).
S-T Resistance: 1883 / 1893
S-T Support: 1875/ 1870
Note
Gold closed at near day low yesterday. Earlier during the Asian & European sessions, the price was supported by the bottom of the uptrend channel (1). Vaccine news once again hit the market before US session pushed the price toward 1870 (4) support.
Gold price once again gets near the S-T support at 1870, if the selling can't follow through, we can expect a rebound in S-T toward the newly formed S-T resistance line (3). Major support is still at 1860 zone.
S-T Resistance: 1883 / 1893
S-T Support: 1875/ 1870
Note
Gold price was pushed lower by the strong dollar, touched as low as 1852 yesterday. Although gold has touched a few times around 1850 level, the support at 1860 is still valid as the price has yet to closed below 1860 on the daily chart.
The S-T resistance (1) is the 1st target today. If the price go higher, 1883 will be the next target.
S-T Resistance: 1870 / 1883
S-T Support: 1860/ 1855-50
P. To @ 1uptick Analytics
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
P. To @ 1uptick Analytics
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.