Gold last week run within a tight range. but closed at near the weekly high of 1900. Since the price touched the lower support of the uptrend channel(1), it has started to show signs of surging. Gold is now attempting to breach the 100 days MA (2). And we can expect the next major movement in the coming week, if it reaches the L-T upward resistance line (3).
Note
The dollar index slid to a 2 years low pushing the gold price rose more than 2% hitting a 2 months high on Monday. The price broke the LT resistance line (2) early in the Asian session. Buying momentum continued until the US session, closed near daily high. World physical gold supply will soon be affected by the tougher lockdown restriction. South Africa, the number one gold exporter, has banned on flights flying out of the country.
Buying momentum remains in the market today. S-T resistance is now @ 1944-46.
S-T Resistance: 1944-46 / 1960
S-T Support: 1940/1933
Note
The weak dollar kept gold near the 3 months high yesterday. This morning during the Asian session it got as high as 1855, reached the upper resistance of the M-T uptrend channel (1) and the major resistance 1960 (2).
Gold just broke the S-T support line (3) that was formed in the past 24 hours. Expect a consolidation in S-T.
S-T Resistance: 1944-46 / 1960
S-T Support: 1940 / 1933
Note
Influenced by the U.S. political movement and a rebound of the Dollar index, gold fluctuated close to 60 dollars yesterday. The price has reached the key resistance @ 1960 before the U.S. session, then fell more than 2% to 1900 after mid-day.
Although gold fell from the upper resistance to the bottom support of the M-T uptrend channel(3) within 1 day, the channel is still valid. Consider the touching of the L-T resistance line (4) as a pullback of the L-T resistance breakout. Gold will remain bullish as it stay above 1900.
S-T Resistance: 1920-23 / 1936
S-T Support: 1910-08 / 1900
Note
Gold can't got pass 1923 (5 days MA) yesterday. The price has continued to go down in European and the U.S. session. In the past 24 hours, a S-T resistance line(1) has formed and the price is currently testing the support zoon @ 1908.
Once again, gold is now testing the support of the M-T upward channel(2). If gold price get pass this M-T support, pattern will shift to a range bound or downward movement.
S-T Resistance: 1920-23 / 1936
S-T Support: 1910-08 / 1900
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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.