Under the influence of a triangular pattern(1), gold traded within a tight range most of Friday. It tested the daily low near 1820 before the U.S. session, but support has shown very strong (2) @ below 1830. During the U.S. session, the price then breached the triangular pattern climbing all the way to 1847.
Gold is still getting support from investors betting on the new U.S. COVID-19 relief package, which this news has been around for weeks now. The buying power that was led by the news is diminishing day by day. No doubt that gold will surge instantly once the new package is being released. However, the inflation and the effect from those very loose Fed. monetary policies may lag behind for months. Be aware the gold may have to consolidate downward first before a M-T to L-T surge.
On the hourly chart, before a new S-T trend is formed, we can expect the price to bound within 1830-1845.
S-T Resistance: 1845 / 1850
S-T Supprot: 1832 / 1820
Gold is still getting support from investors betting on the new U.S. COVID-19 relief package, which this news has been around for weeks now. The buying power that was led by the news is diminishing day by day. No doubt that gold will surge instantly once the new package is being released. However, the inflation and the effect from those very loose Fed. monetary policies may lag behind for months. Be aware the gold may have to consolidate downward first before a M-T to L-T surge.
On the hourly chart, before a new S-T trend is formed, we can expect the price to bound within 1830-1845.
S-T Resistance: 1845 / 1850
S-T Supprot: 1832 / 1820
Note
Gold slid yesterday as vaccine is rolling out around the world. The price broke the support of 1830(1) in the European session, falling all the way to 1820. The market is relatively stable, but the range has widen to 1820-1845.
The newly formed S-T resistance line(2) has been breached a while back, gold is now moving toward the top of the range.
S-T Resistance: 1845 / 1850
S-t Support: 1832 / 1820
Note
(Fail to upload chart due to technical issue)Since gold breached the S-T resistance line yesterday, the price surged to the top of the range @ 1845-50. Hoping for further stimulus from the U.S., gold broke the major resistance @ 1845-50 at the U.S trading session.
Technically, the buying momentum seems to have slowed down, going to need new stimulation to push it higher. Be aware the FOMC minutes scheduled to be released today.
S-T Resistance: 1860 / 1869-70
S-T Support: 1845-50 / 1832
Note
Gold stay near a one-week high, as investors awaiting for the 900 COVID-19 aid bill to finalize. The price broke the 1860 resistance in the European session yesterday and it has continued to climb this morning.
Daily chart- a S-T to M-T uptrend channel(1) has formed in the past 48 hour. Gold price is now approaching 2 major resistance, the 100 days MA(2) & last time high 1870(3). If the price surge further, aim for the L-T resistance (4).
S-T Resistance: 1870-71 / 1880
S-T Support: 1860 / 1869-70
Note
Gold continued to surge yesterday, breaking the major resistance of 1970 during the European session. It reached currently the weekly high of 1897 at the U.S. session, & closing at 1884. Yet, buying has slowed down before the market closed with a S-T top being formed(1). If a retracement about to happens, 1878 & 1867 will be the targets.
Gold broke one of the key resistance of 1870 (3) yesterday. The uptrend channel (4) is still valid. The next resistance (5) will be a L-T resistance.
S-T Resistance: 1890 / 1897-1900
S-T Support: 1880 / 1870-68
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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.