Price started to rebound after touching the support @ 1860 last Fri, reached the daily high of 1878 in the US session.
Without any major break through, we can continue to take advantage of the M-T 1860-1898 range. A S-T support line (1) has formed in the past 48 hours. Short-Term resistance is now at 1880-83 area.
S-T Resistance: 1880-83 / 1893
S-T Support: 1870 / 1860-55
Without any major break through, we can continue to take advantage of the M-T 1860-1898 range. A S-T support line (1) has formed in the past 48 hours. Short-Term resistance is now at 1880-83 area.
S-T Resistance: 1880-83 / 1893
S-T Support: 1870 / 1860-55
Note
Major movement has happened again on Monday! Gold price breached the S-T support (1) consolidating between 1860-1870 earlier in the European session. Then after the released of the US PMI figures, a stronger than expected economic recovery pressured the price downward, broke the M-T support of 1850(2), to as low as 1830.
The next M-T support will be @ 1760 level, a pervious peak (3) and the 50% retracement from the surge before (4). L-T target will now be the 250 days MA (5).
S-T Resistance: 1830-34 / 1840
S-T Support: 1820 / 1810
Note
Selling momentum remained in the market yesterday. After the price has retraced upon 1832(1) @ 15:00, it breached pervious low 1820(2) at 18:00. Day low touched 1800, closed at 1807, -30.3.
Price closed near day low, still awaiting the bottoming signal on the daily chart. S-T support is now at 1800.
S-T Resistance: 1820 / 1830-34
S-T Support: 1800 / 1790
Note
Gold price moved in a tight range yesterday, fluctuating between 1800-1820.
Support the gold price, FOMC minutes from Nov. 4-5 meetings showed that a few committees was expecting to lengthen the maturity of the bonds purchased.
M-T downward form unchanged on the daily chart, target remains @ 1750. Expect S-T range bound between 1800-1820.
S-T Resistance: 1820 / 1830-34
S-T Support: 1800 / 1790
Note
No news to stimulate the market, the gold price remained moving sideway yesterday.
M-T downward pattern unchanged on the daily chart, target remains at 1750. Before any the breaking through of the support, S-T trading strategy continues as range bound within 1800-20.
S-T Resistance: 1820 / 1830-34
S-T Support: 1800 / 1790
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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.