Gold broke the major support of 1800 (1) last Friday, as growing optimism about a quick economic recovery and a faster than expected vaccine global delivery.
M-T downward pressure continues while breaking 1800 trigger quite some stop selling orders. 1750 (2) / 250 days MA (3) remain the M-T targets. Notice there are still S-T buying support at around 1780, a S-T retracement toward 1800 may be a good chance to enter short.
S-T Resistance: 1790 / 1800
S-T Support: 1780-75 / 1760
M-T downward pressure continues while breaking 1800 trigger quite some stop selling orders. 1750 (2) / 250 days MA (3) remain the M-T targets. Notice there are still S-T buying support at around 1780, a S-T retracement toward 1800 may be a good chance to enter short.
S-T Resistance: 1790 / 1800
S-T Support: 1780-75 / 1760
Note
Selling momentum continued yesterday, the price has touched twice the support @ 1765 (1). On the hourly chart, a double bottom (2) pattern has formed, where the neckline sitting @ 1780 (2). S-T target will be at 1795 if the neckline breached. A S-T upward channel(3) has also formed in the past 24 hours.
On the daily chart, the key resistance is now @ the 5 days moving average (4) & the key support @ 250 days moving average (5).
S-T Resistance: 1780 / 1792-95
S-T Support: 1775 / 1765
Note
A weak dollar has pushed gold to jump beyond 1800 in the past 24 hours. Following through the neckline (1780) breaking of the S-T Double-bottom pattern (1), the price reached the 1st target @ 1795. Gold then further broke the upper resistance of the uptrend channel (2) and the key resistance @ 1800. Day high peaked at 1817.
Gold has touched the key resistance of 1820, expect it to consolidate between 1800-1817 in S-T.
S-T Resistance: 1817-20 / 1832
S-T Support: 1800 / 1792-90
Note
Gold's buying momentum continued yesterday. Early in the Asian session the price was trading between 1806-1817, but it has soon broken the major resistance 1820(1) in the EU session and reached day high at 1832(2) before US trading hours.
The investment market expecting the next stimulus package will be released soon by authorities, that has pulled the USD to a near 2 1/2 year low, at the same time
pushed gold higher.
Gold has formed a S-T uptrend channel (3) in the past 24 hours. Now at Asian session, it has already broken the 1832 (2) resistance, the next resistance is now sitting at 1850 (4).
S-T Resistance: 1850 / 1860
S-T Support: 1832 / 1820
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.
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.