Gold Trend 10/05 - 13/05
Updated
Gold dropped almost USD 30 yesterday. The market opened near day-high at 1883, and the selling resumed once the price broke out from the support trendline(1) in the Asian session. After a brief rebound at the US session, the price broke the 1860 support and ended the day at 1853.
Gold has been under the selling pressure from the downward trendline(2) on the 1-hour chart. Within the next 24 hours, the price must climb above Trendline(2) in order to stay within the 1850-90(3) range-bound; otherwise, a new round of selling will begin after it clears the support at 1850.
It is the first time in 2 months that the price closed below 1860 on the daily chart, another sign of gold getting weaker. Still waiting for a bottoming out signal to occur, expect the bear to remain dominant in the market. A new round of selling will happen if the price break the 1850(4) support.
S-T Resistances:
1874
1870
1865
Market price: 1863
S-T Supports:
1860
1855
1850
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Gold has been under the selling pressure from the downward trendline(2) on the 1-hour chart. Within the next 24 hours, the price must climb above Trendline(2) in order to stay within the 1850-90(3) range-bound; otherwise, a new round of selling will begin after it clears the support at 1850.
It is the first time in 2 months that the price closed below 1860 on the daily chart, another sign of gold getting weaker. Still waiting for a bottoming out signal to occur, expect the bear to remain dominant in the market. A new round of selling will happen if the price break the 1850(4) support.
S-T Resistances:
1874
1870
1865
Market price: 1863
S-T Supports:
1860
1855
1850
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Note
Gold cleared the critical support at 1850 yesterday. The market opened at 1853; the price rebounded to the day-high at 1865 during the European session. Selling resumed once the market entered the US session, and the price has gone all the way to the day-low at 1835 after it crossed the key support of 1850. The day finally ended at 1837, down by USD 15.
Gold failed to break out from the downward trendline(2) yesterday, leading the price to slide below 1850. The selling momentum wasn't strong as it broke through the critical support of 1850; an S-T rebound may happen in the next 24-48 hours. While the price is now supporting at 1835, continue to keep an eye on the trendline(2). If the price escapes the selling pressure from the trendline(2), expect the price to rebound toward 1890, the upper limit of a wider downtrend channel(3). On the other hand, if the selling continues, the next downside target will be around the 1825-20 level.
Expect the selling to continue after gold broke the key 1850 support on the daily chart. The target can be set at 1800 if the price clears the current 250 days of MA support.
S-T Resistances:
1850
1845
1840
Market price: 1837
S-T Supprots:
1835
1825-28
1820
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Note
Gold rose above 1850 after the Inflation data. The day began at 1838 yesterday.
After the price touched the day-low at 1838 early in the Asian session, it steadily moved up before the US session. The price has quickly retraced to 1836 after the US inflation data, but the price rebounded quickly and reached the day-high at 1857. The day ended at 1852, up by USD 14.
Gold has finally escaped the selling pressure from the resistance trendline(1) on the 1-hour chart, and the downtrend originating from 1909 is officially ended. Althought the price is now trading above 1850, the buying so far is not strong enough to shift the S-T trend upward. Before the price can cross the 1865 barrier, expect the price to trade sideway between 1840-65(2) for now. Once it breaks the 1865 resistance, the upper limit of the downtrend channel(3) remains the next upside target.
Althought the price touched a new two-month low yesterday, the support at the 250 days, Ma remains strong. An S-T bottom between 1835-1860 has formed on the daily chart, and the rebound toward the downward trend(5) will be triggered if the price closes above 1860.
S-T Resistances:
1870-74
1865
1860
Market price: 1851
S-T Supports:
1845
1840
1835
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Note
Gold fell more than USD 30 yesterday. The day started at 1851, and the price touched the day-high 1858 early in the Asian session, then the slide began. Once the price escaped the 1840-65(3) range-bound at the US session, selling orders entered the market. The selling momentum has accelerated further after the price broke out from the previous day-low 1830(2), leading the price to the day-low at 1820. The day ended at 1821, down USD 31.
Carried the selling momentum from closing the day before, the price has dipped to 1809(5) early in the Asian session today, but the rebound was fast. The buying below 1820 so far seems supportive. Before the market enters into the more active US session today, expect the price to be bounded between 1820-30(6) for S-T(short-term). If the price can go below 1820 before the day's end today, the price should be able to travel toward 1800 in the next 48 hours. On the other hand, the price needs to go above the newly formed trendline(4) in order to end the current selling trend.
The downtrend channel(9) on the daily chart is still in effect, and the selling has resumed after the price cleared the support from the 250 day MA(7). Notice that the price must close below 1820 today for the selling momentum from yesterday' to carry on; otherwise, the lower wick(8) formed during the early Asian session may turn out to be an S-T rebounding signal.
S-T Resistances:
1840
1835
1830
Market price: 1825
S-T Supports:
1820
1815
1808-10
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P. To
P. To @ 1uptick Analytics
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