Gold Trend 06/05 - Let's the S-T rebound begins
Updated
Gold tested the 2280 support 3x last week, with the lowest hitting a 4-week low of 2277. The gold price held on to the 2280 support following a relatively neutral Powell's Fed announcement and weak US employment data. Since the price has bottomed out near the end of last week, expect the gold price to initiate a rebound in S-T.
1-Hr Chart - The gold price has rebounded quickly each time after it touched the 2280(4) support last week, showing strong buying near the 2280-5(4) level. The downward trend that originated on Apr 20 has ended after the price broke out from the downward resistance line(1) in the early Asian session back from the weekend. The S-T target can be set at 2328(2). There is no important economic data scheduled to be released this week, so once the gold price clears the resistance at 2328(2) later this week, the next target can be set at 2350(3).
tradingview.com/x/YLKXxVWL/D
Daily Chart - The gold price has not been able to stay below 2300(7) for more than one day, reflecting the strong buying support below 2300. We can operate the 10-day MA(5) and the 20-day MA(6), taking advantage of the 2280-2355(8) range in S-T. Based on the current market conditions, I believe the gold price needs more news stimulation for it to escape the 2280-2355(8) range.
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P. To
1-Hr Chart - The gold price has rebounded quickly each time after it touched the 2280(4) support last week, showing strong buying near the 2280-5(4) level. The downward trend that originated on Apr 20 has ended after the price broke out from the downward resistance line(1) in the early Asian session back from the weekend. The S-T target can be set at 2328(2). There is no important economic data scheduled to be released this week, so once the gold price clears the resistance at 2328(2) later this week, the next target can be set at 2350(3).
tradingview.com/x/YLKXxVWL/D
Daily Chart - The gold price has not been able to stay below 2300(7) for more than one day, reflecting the strong buying support below 2300. We can operate the 10-day MA(5) and the 20-day MA(6), taking advantage of the 2280-2355(8) range in S-T. Based on the current market conditions, I believe the gold price needs more news stimulation for it to escape the 2280-2355(8) range.
Please give me a thumbs up 👍.
Feel free to leave a comment & share your thoughts 🤟.
P. To
Note
1-hour chart - Gold is in line with our expectations on Monday, breaking through the 2328 resistance late this week and reaching our target of 2350(1). Longing orders are entering the market as investors are now pricing in next week's U.S. core inflation data. If gold prices break through the current resistance of last week's high of 2352 (2) and the S-T resistance line (3) during the U.S. session today, the next target will be around 2400(4).
P. To @ 1uptick Analytics
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