Gold price began its fall early in Asian session after it broke the S-T support line(1) last Friday. During European session, the price passed the 1860 support & went all the way to day low @ 1836 in the U.S session. Gold closed at 1854 to end the week with a new S-T support line has formed(2).
The buying before the daily market close has created another lower extended shadow(3) on the daily chart. The foundation bottom(4) continues to consolidate for the next L-T move.
S-T Resistance: 1860 / 1870-74
S-T Support: 1850 / 1840
The buying before the daily market close has created another lower extended shadow(3) on the daily chart. The foundation bottom(4) continues to consolidate for the next L-T move.
S-T Resistance: 1860 / 1870-74
S-T Support: 1850 / 1840
Note
Gold experienced a relatively stable Monday, fluctuating within a 20 dollars range. The S-T support line(1) is still valid and a new S-T resistance line(2) has formed in the past 24 hours, we can expect a break through in the coming European and the U.S. session today, 1840-1875 should be the S-T range thereafter.
The M-T bottom foundation(4) is still good on the daily chart, M-T key resistance will be (5).
S-T Resistance: 1860 / 1870-74
S-T Support: 1850 / 1840
Note
Another quiet trading day for gold yesterday. The price gradually went lower after it broke the S-T support line(1) in European session. Trend has yet to change, expect the price to range bound between 1840-1875(2).
Round bottom(3) is still slowly developing on the daily chart. Key support is standing @ 1840(4) now. If the support @ 1840 breaks, the pattern (3) may be altered.
S-T Resistance: 1850 / 1850
S-T Support: 1840 / 1832-30
Note
Gold continued to consolidated yesterday. It has speeded up its fall from the S-T resistance line(1) to S-T resistance line(2). The price has gone below 1840 this morning, testing again the day low of yesterday. If the price can't get pass the day low of yesterday in later European and the U.S. session today, a S-T double bottom(3) will be formed. On the other hand, if it keep going down, the upcoming support will be near 1820.
Gold price kept its pattern of closing above 1840(4) yesterday on the daily chart. Although the price has gone below 1840 in early trading today, as long as the price close above 1840 on the daily chart, the round-bottom(5) will still be valided.
S-T Resistance: 1840 / 1850
S-T Support: 1832-30 / 1820
Note
Gold traded below the major support 1840 during Asian & European hours yesterday. The rebound began before the U.S. session where the double bottom(1) has formed. It then surged quickly at the beginning of the U.S. session breaking the S-T resistance lines(2) and the double bottom neckline, reaching the target @ 1864.
Although the price still able to close above 1840 on the daily chart after all the rally yesterday, the 20 dollar long upper shadow(3) may initial some selling momentum today. If those pervious day lows around 1840-35 can't sustain, the next support target will be at 1820.
S-T Resistance: 1850 / 1850
S-T Support: 1840 / 1832-30
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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.