Gold Trend 25/04 -29/04
Updated
Gold cleared the 1940 support last Friday. The price has started its journey down after it the day began at 1955 and touched the day-high 1955 in the Asian session. It broke out from the 1940(1) support during the European session hit the day-low at 1926. The day ended at 1929, down by USD 21.
After the price got below 1940 last Friday, gold is now resuming it position back to its previous range of 1915-40(3). The downtrend originated from 1998 seems to be accelerating at the moment and is yet to find its bottom. The price needs to breakout from the S-T resistance line(2) to create a bottoming out signal on the 1-hour chart. If the price clears the 1915 support in S-T, the downside target can be set at 1900, or lower at 1894.
Gold has been defending the 1920 support on the daily chart since mid-Mar. It will be the first bearish signal of the price to head toward 1880 if the price close below 1920 on the daily chart.
S-T Resistances:
1940
1929-30
1920
Market price: 1915
S-T Supprots:
1910-08
1900
1894
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After the price got below 1940 last Friday, gold is now resuming it position back to its previous range of 1915-40(3). The downtrend originated from 1998 seems to be accelerating at the moment and is yet to find its bottom. The price needs to breakout from the S-T resistance line(2) to create a bottoming out signal on the 1-hour chart. If the price clears the 1915 support in S-T, the downside target can be set at 1900, or lower at 1894.
Gold has been defending the 1920 support on the daily chart since mid-Mar. It will be the first bearish signal of the price to head toward 1880 if the price close below 1920 on the daily chart.
S-T Resistances:
1940
1929-30
1920
Market price: 1915
S-T Supprots:
1910-08
1900
1894
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P. To
Note
Gold dropped to a 2-month low yesterday. The day began at 1932, carrying the selling momentum from last Friday. A fresh round of selling has been triggered by the price breaking the 1915(1) support at the European session. The price went to the day-low 1991 at the opening of the US session. Finally, the day ended at 1897, with a USD 33 drop.
The bottoming out signal has yet to appear on the 1-hour chart where the price is still under the selling pressure by the S-T resistance line(3). As mentioned yesterday, we can expect the price to trade between the range of 1894-1915(2) in S-T after it clears all the support of 1915.
Since the price pulled back from 1998 last week, a double-top pattern(4) formed on the daily chart, and gold has already broken the neckline, 1920, yesterday. Unless the price can bounce back to above 1920 in the next few trading days, an M-T fall should begin on the daily chart.
S-T Resistances:
1920
1915
1908-10
Market price: 1903
S-T Supports:
1900
1894
1890-88
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P. To
Note
Gold hovered around the 2-month low yesterday. The day began at 1898, throughout the day. The price was bounded between 1894-and 1906, with the price briefly touching the day-high at 1911. The day ended up with USD 7, closing at 1904.
Gold has not yet escaped the S-T downtrend in the 1-hour chart, still under pressure from the resistance line(2). The price is currently supported by 1894(3); If it can clear all the buying orders at this level, the 1st downside target will be at 1880 or even lower near 1860. Until then, we can still take full advantage of the existing range of 1894-1915(1).
The breaking of the double-top neckline(4) is still indicating a bearish trend on the daily chart. Unless the price can go back to 1920 for the daily close, a 40-80 drop is on its way.
S-T Resistances:
1915
1908-10
1900
Market price: 1898
S-T Supprots:
1894
1890-88
1880
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P. To
Note
Gold dropped further yesterday. The day began near day-high around 1905, and the price has kept on moving lower throughout the day. The price finally broke the 1894(1) support at the US session opening and fell to the day-low at 1881. The day ended at 1885, down by USD 19.
Gold is still under the selling pressure from the resistance trendline(3) on the 1-hour chart. It has yet to find its bottom since it has cleared the 1894 and 1880 support in the past 24 hours; selling will continue with the downside target setting at 1853-50.
Nothing has changed in the past two days as the breaking of the double-top neckline controls the daily chart's movement. The gold market remains bearish, and the 250 days MA(5) will be the next supporting target.
S-T Resistances:
1900
1890-94
1880
Market price: 1875
S-T Supprots:
1870
1865
1853-55
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P. To
Note
Gold rebounded from the 2-month low. The day began at 1884 yesterday, and the price has broken the 1880 support touching the day-low at 1871 early in the Asian session. However, the short-selling wasn't strong enough to push the price below 1970; the price quickly jumped back upon 1880. The day ended at 1894, up by USD 10.
The US Q1 GDP figure was released a lot worse than the market's expectation, supporting the gold to rebound behind the scene. The price has broken out from the S-T resistance trendline(1), and the downtrend from 1998 has finally ended. Entering a period of S-T range-bound, expect the price to trade between 1894-and 1915 before the weekend.
The double-top pattern is still good, and the technically retract after breaking the neckline(4.1) is now pushing the price toward 1920. Unless the price can stay above 1920 on the daily chart, the selling should resume after the price touches the neckline(4.1).
S-T Resistances:
1920
1915
1908-10
Market price: 1905
S-T Supports:
1900
1894
1890-88
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P. To
P. To @ 1uptick Analytics
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