Gold Trend 23/05 - 27/05

Updated

Gold was rejected by 1850 last Friday. A relatively tight range bounded the trading between 1832-49 throughout the day, and the market ended slightly up near 1845 with a USD 3 gain.

Carried the buying momentum from last Friday, the price broke out from the 1850(1) resistance early in the Asian session today. The uptrend channel(2) is still good on the 1-hour chart; expect the price to touch the next resistance near 1865 once the market clears the selling near the early peak at 1858-60(3).

Since the reversal signal occurred last week, the rebound has officially begun. If the price clears the resistnaces at the 20 days MA(5), the next target will be near the 100 days MA(6) to the upside.

S-T Resistances:
1870-72
1865
1860

Market price: 1856

S-T Supports:
1850
1845
1837-35

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Note

Gold pulled back from the 1-week high yesterday. Shortly after the market opened at 1848, the price crossed the 1850 resistance early in the Asian session. The day peaked at 1865 before the US session, and the day ended at 1853, up by USD 7.

The price pulled back from the upper limit of the uptrend channel(2) yesterday, and it is currently supporting at 1850(1). Gold maintains its path within the uptrend channel(2); once it clears the resistance near 1865, the upside target can be set at 1890.

Gold needs to close above the 20 days MA(4) in order to trigger a new round of buying on the daily chart. If the price consolidates further today, the downside support will be at the 5 days MA(5).

S-T Resistances:
1870-72
1865
1860

Market price: 1855

S-T Supprots:
1850
1845
1837-35

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Note

Gold continued to edge higher yesterday. The climb began after the price touched the day-low at 1849 during the Asian session. Once the price cleared the resistance at 1860, it was pushed all the way to the 1869 day-high. The day ended at 1866, up by USD 12.

The uptrend channel(2) on the 1-hour chart is still valid, and the S-T support has shifted from the previous 1850 to the current 1860, aiming to reach 1880 today. But notice, an S-T supporting trendline(3) has formed since last Friday, and technically the price must break through the 1865(1) resistance before the US session today; otherwise, the price will naturally escape the support from trendline(3), leading an S-T consolidation toward 1850 to happen.

The trend on the daily chart is still pointing upward after the price broke out from the 20 days MA(4) yesterday; the upside target remains unchanged, set at the 100 days MA(5). However, the buying momentum seems to have weakened after five days of the surge. Before the price clears the selling resistance at 1865, the price may touch again the 20 days MA later on today.

S-T Resistances:
1880
1870-72
1865

Market price: 1862

S-T Supprots:
1860
1853-55
1850

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Note

Gold pulled away from the 2-week high yesterday. The day began at 1865, and the market touched the day-high 1868 early in the Asian session. The S-T consolidation has been triggered by the price clearing the supporting trendline(1) before the European session. The price reached the day-low at 1841 before the US released its Feb. meeting minutes. The day ended at 1851, down by USD 13.

The buying momentum has slowed down after the price has touched twice above 1865 in the past 48 hours. While the price is testing the bottom limit of the current uptrend channel(2), a new round of selling toward yesterday's low of 1840 or lower 1830 may happen if the price escapes this uptrend channel(2). Whatever happens in the next 24 hours, 1830-65 should be the trading range before the weekend.

The price successfully defended the 20 days MA yesterday as the market closed at 1852 on the daily chart. As mentioned yesterday, the buying momentum has been slowing down so far, and the buying momentum has yet to pick up again. The upside target at the 100 days MA remains unchanged for the moment, as long as the price stays above the 250 days MA (5).

S-T Resistances:
1865
1860
1850-53

Market price: 1845

S-T Supprots:
1840-43
1835
1830

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Note

Gold was bounded by a tight range yesterday. The market opened at 1853. The price has rallied toward the day-low at 1839 prior to the US session, similar to intraday movement from the day before, and the price rebounded to 1850 to end the day.

Gold has gradually escaped the uptrend channel(1) on the 1-hour chart. Entered a range-bound of 1840-70(2), a mini-double bottom pattern(3) has formed in the past 48 hours. If the price clears the neckline at 1855, the S-T target will be at 1866.

Gold has successfully defended the 1850(4) support for two consecutive days. Unless the price can close below 1850 and break the 250 days MA further down, the trend stays upward with the target remaining at the 100 days MA(5).

S-T Resistances:
1870-72
1865
1860

Market price: 1853

S-T Supports:
1850
1845
1837-35

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1uptick

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