Gold Trend 04/01 - 07/01 (Review Daily)
Happy New Year!
Gold pulled back from the 2-months high yesterday. The market opened near 1830. And the price has begun to slide after the price briefly touched the daily high near 1832 early in the Asian session. As the price broke the supporting trendline(1) at the US session opening, a new round of selling has been triggered. The price fell all the way to day-low near 1797, with the market ending near 1801, down by USD 27.
Although the price has fallen over USD 27, the uptrend originated from Dec. 26 has yet to end while the price is still maintaining in its range within the uptrend channel(2). Expect the price to stay within 1800-15(3). If the price breakout from the support of channel(2), the downside target can be set near 1790(4).
The rounding bottom(4) that we mentioned before the holiday, has been completed after the price touched 1831 the day before yesterday. Unless the price can cross the major resistance at 1833-35, expect the price to turn sideways between 1750-1833 for now on the 1-hour chart.
The selling pressure remains strong between 1825-35(5), and it is a sign of the upward momentum running dry as the price fails to stand above the trendline(6). The 1720-1835 range is still dominating the daily chart after a reversal signal has appeared yesterday.
S-T Resistance:
1820
1812-15
1807
Market price: 1803
S-T Supports:
1800-1797
1792
1785
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
Gold pulled back from the 2-months high yesterday. The market opened near 1830. And the price has begun to slide after the price briefly touched the daily high near 1832 early in the Asian session. As the price broke the supporting trendline(1) at the US session opening, a new round of selling has been triggered. The price fell all the way to day-low near 1797, with the market ending near 1801, down by USD 27.
Although the price has fallen over USD 27, the uptrend originated from Dec. 26 has yet to end while the price is still maintaining in its range within the uptrend channel(2). Expect the price to stay within 1800-15(3). If the price breakout from the support of channel(2), the downside target can be set near 1790(4).
The rounding bottom(4) that we mentioned before the holiday, has been completed after the price touched 1831 the day before yesterday. Unless the price can cross the major resistance at 1833-35, expect the price to turn sideways between 1750-1833 for now on the 1-hour chart.
The selling pressure remains strong between 1825-35(5), and it is a sign of the upward momentum running dry as the price fails to stand above the trendline(6). The 1720-1835 range is still dominating the daily chart after a reversal signal has appeared yesterday.
S-T Resistance:
1820
1812-15
1807
Market price: 1803
S-T Supports:
1800-1797
1792
1785
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
Yorum:
Gold tested the resistance again yesterday. The day began near 1813. At the European session, the buying momentum from the day before has resumed, breaking out from 1815(1) resistance, the price has gone all the way to 1829 at the US session. The price has pulled back thereafter, it went to day-low 1808, with the day ended USD 4 lower.
The price has tried to reach the top of the uptrend channel(2) after it broke the 1815(1) resistance yesterday, however, selling pressure remains relatively strong near 1830. The S-T uptrend originated from 1798 on Tuesday, has now been ended by the price falling below trendline(3). Getting close to the bottom of the channel(2) now, if the price is able to carry the selling momentum from the past 24 hours, expect the price to touch again 1790. 1815(4) remains the S-T upside resistance.
As mentioned yesterday, the drop(5) on Monday is still dominating the trend on the daily chart. After the price has touched the resistance line(6), the pullback yesterday created the second selling signal. The selling momentum will accelerate if the daily price closes below 1800(7).
S-T Resistnaces:
1820
1812-15
1807
Market price: 1805
S-T Supprots:
1800-1797
1792
1785
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
Gold tested the resistance again yesterday. The day began near 1813. At the European session, the buying momentum from the day before has resumed, breaking out from 1815(1) resistance, the price has gone all the way to 1829 at the US session. The price has pulled back thereafter, it went to day-low 1808, with the day ended USD 4 lower.
The price has tried to reach the top of the uptrend channel(2) after it broke the 1815(1) resistance yesterday, however, selling pressure remains relatively strong near 1830. The S-T uptrend originated from 1798 on Tuesday, has now been ended by the price falling below trendline(3). Getting close to the bottom of the channel(2) now, if the price is able to carry the selling momentum from the past 24 hours, expect the price to touch again 1790. 1815(4) remains the S-T upside resistance.
As mentioned yesterday, the drop(5) on Monday is still dominating the trend on the daily chart. After the price has touched the resistance line(6), the pullback yesterday created the second selling signal. The selling momentum will accelerate if the daily price closes below 1800(7).
S-T Resistnaces:
1820
1812-15
1807
Market price: 1805
S-T Supprots:
1800-1797
1792
1785
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
Yorum:
Gold fell USD 19 yesterday. The drop began early after the day began near day-high around 1810 at the Asian session. Once the price broke the support of the uptrend channel(1), the selling has accelerated. The price went to the early low around 1792. After a brief rebound, the second round of selling occurred at the US session, the price touched a day-low near 1787 and ended at 1790.
The uptrend originated from Dec. 16 is now officially ended after the price has escaped the uptrend channel(1). The price has already arrived at our 1st target near 1790. Overall the trend in the 1-hour chart is still pointing down. While the price is tangling around 1790(2), we can still expect the price to sink lower toward 1775(3). Be cautious where the US employment figure may alter the S-T trend tonight.
In line with our expectations, the daily chart is dominated by the bear. As mentioned yesterday, selling has accelerated after it broke the 1800(4) support. There will be buying support around 1785-87(5) in S-T. Before a rebound sign appears, the direct is still pointing downward.
S-T Resistances:
1806
1800-1797
1790-92
Market price: 1788
S-T Supports:
1785
1780
1775
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
Gold fell USD 19 yesterday. The drop began early after the day began near day-high around 1810 at the Asian session. Once the price broke the support of the uptrend channel(1), the selling has accelerated. The price went to the early low around 1792. After a brief rebound, the second round of selling occurred at the US session, the price touched a day-low near 1787 and ended at 1790.
The uptrend originated from Dec. 16 is now officially ended after the price has escaped the uptrend channel(1). The price has already arrived at our 1st target near 1790. Overall the trend in the 1-hour chart is still pointing down. While the price is tangling around 1790(2), we can still expect the price to sink lower toward 1775(3). Be cautious where the US employment figure may alter the S-T trend tonight.
In line with our expectations, the daily chart is dominated by the bear. As mentioned yesterday, selling has accelerated after it broke the 1800(4) support. There will be buying support around 1785-87(5) in S-T. Before a rebound sign appears, the direct is still pointing downward.
S-T Resistances:
1806
1800-1797
1790-92
Market price: 1788
S-T Supports:
1785
1780
1775
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
P. To
Gold rebounded from 1800 yesterday. The market opened near 1802, and the price has been trading between 1800-06 throughout the Asian and European sessions. The rebound has officially begun after the price touched day low at 1798 before the US session. The price reached the day-high at 1816, with the day ending at 1814, up by USD 12.
The price movement is in line with our expectations yesterday as it has been trading within 1800-15(1) in the last 24 hours. So far the price remains on the path within the uptrend channel(2), with 1815 being the S-T resistance. If the price is able to past 1815, expect the price to touch again the top of the uptrend channel.
Although the price rebounded over USD 12 yesterday, the trend on the daily chart is still dominated by the reversal signal(5) from the day before. Unless the market can neutralize all the selling pressure above 1825, the daily chart is trending downward. 1770-1815(4) continues to be the trading zone in S-T.
S-T Resistnaces:
1830-32
1825
1820
Market price: 1815
S-T Supports:
1812-10
1807
1800
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To