Gold Trend 13/11
S-T rebound approaching, target around 1950.
Gold made a new weekly low before the weekend, completing the downward cycle mentioned in our previous analysis. The price cleared the S-T resistance(1) on Thursday, triggering a round of buying toward 1965. The decline began by Friday's pre-US session; it had fallen below the 1950 support, and the price dropped further during the US session, touched a new weekly low at 1935, and closed the week at 1938, down $53.
1-hour chart - The downward momentum has accelerated once again, and the downward channel needs to be adjusted again from (2.1) to (2.2). After a flash dip to 1928 at the Asian session opening, some short covering seems to control the market. Expect the price to be bound between 1930-1955(3) in early trading this week.
Daily chart - Gold seems to have completed its initial correction from 2004, and the 50-day MA(4) should provide temporary support. The daily chart suggests a trading range between 1930-2003(5) for now. The key turning point is expected to occur with the release of US CPI figures on Tuesday.
S-T Resistances:
1950-55
1945
1940
Market price: 1939
S-T Supports:
1930-32
1927
1920
If you like my work, kindly give our team a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
Gold made a new weekly low before the weekend, completing the downward cycle mentioned in our previous analysis. The price cleared the S-T resistance(1) on Thursday, triggering a round of buying toward 1965. The decline began by Friday's pre-US session; it had fallen below the 1950 support, and the price dropped further during the US session, touched a new weekly low at 1935, and closed the week at 1938, down $53.
1-hour chart - The downward momentum has accelerated once again, and the downward channel needs to be adjusted again from (2.1) to (2.2). After a flash dip to 1928 at the Asian session opening, some short covering seems to control the market. Expect the price to be bound between 1930-1955(3) in early trading this week.
Daily chart - Gold seems to have completed its initial correction from 2004, and the 50-day MA(4) should provide temporary support. The daily chart suggests a trading range between 1930-2003(5) for now. The key turning point is expected to occur with the release of US CPI figures on Tuesday.
S-T Resistances:
1950-55
1945
1940
Market price: 1939
S-T Supports:
1930-32
1927
1920
If you like my work, kindly give our team a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
P. To @ 1uptick Analytics
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.