Gold Trend 21/03 - 25/03
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Gold pulled back from 1950 last Friday. The market opened near 1942. After the price touched the day-high near 1945 early in the Asian session, it gradually slipped lower. The gold price cleared the 1930 support late in the US session, and the day ended at 1920, down by USD 23.
The gold price has turned weak after being rejected again by the critical resistance 1950. The trading range of 1905-30(2) is once again in effect. An S-T downward trendline(1) has formed in the past 48 hours; expect the price to visit the bottom of the range in the next 48 hours.
Gold failed to close above 1940 last Friday, creating a reversal signal(3) on the daily chart. The rebound originated from the Fed. Meeting has come to an end. Expect the price to be traded within the range of 1880-1950 for now.
S-T Resistances:
1950
1940-41
1930
Market price: 1924
S-T Supports:
1920
1915
1910-08
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The gold price has turned weak after being rejected again by the critical resistance 1950. The trading range of 1905-30(2) is once again in effect. An S-T downward trendline(1) has formed in the past 48 hours; expect the price to visit the bottom of the range in the next 48 hours.
Gold failed to close above 1940 last Friday, creating a reversal signal(3) on the daily chart. The rebound originated from the Fed. Meeting has come to an end. Expect the price to be traded within the range of 1880-1950 for now.
S-T Resistances:
1950
1940-41
1930
Market price: 1924
S-T Supports:
1920
1915
1910-08
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Gold traded in a relatively tight range yesterday. The price was under pressure from the 1930 resistance and the downward trendline (1) early in the Asian and European sessions. Breaking out from trendline(1) at the US session, the trading range has finally moved from 1920-30 to 1930-40. The day ended at 1935, up by USD 14.
Early in the Asian session today, the trading pattern is quite similar to yesterday, bounded within USD 10 (1930-40). Until the market turns active again, expect the price to be range-bound within 1920-40(3) today. Notice an S-T upward trendline has been formed in the past 24 hours, and 1905-50(4) remains the structure of this week.
As the rebound from 1894 ended, the price entered a sideway pattern between 1917-42(4). The selling pressure at the 20 days MA(5) and 1950 remains strong.
S-T Resistances:
1960
1950
1940-41
Market price: 1934
S-T Supports:
1930
1925
1920
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Gold pulled back from the top of the range yesterday. The day started at 1936; the price was traded in a tight range between 1931-36 early in the Asian session. Selling has begun since the price broke the 1930 support at the European session, and the drop has accelerated after it crossed the support trendline (1) at the US session. The day-low touched 1910 with the day ended at 1920, down by USD 14.
The buying support was quite strong yesterday as it was trading below 1915(2), and the pattern is very similar to the one that occurred on Monday(2.1), as an S-T reversal signal, only upsidedown. Expect the price to trade between 1915-30(3) in the early session. If the price breaks the 1930 resistance, the upside target will be near 1940.
The overall structure has changed much on the daily chart. The operating range remains in 1917-42 until the pattern alters.
S-T Resistances:
1950
1940-41
1930
Market price: 1922
S-T Supports:
1920
1915
1910-08
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Not
Gold gained USD 23 yesterday. The price steadily increased throughout the day after the market opened near day-low around 1921. It reached the day-high 1948 late in the US session, and the day ended at 1944.
The pattern has changed much in the 1-hour chart as the price is still trading within the 1905-50 range. The S-T upward trend has ended in the early Asian session today after the price crossed the support trendline(1) in the early Asian session today. Expect the price to visit again the bottom of the range again for now. But for sure, need to pay attention to the critical resistance at 1950. It will be the first sign of gold getting ready to move across 1950 if the price stays at 1940 in the next 24 hours.
The structure in the daiy chart hasn't changed much; continue to take advantage of the current sideway market, 1917-44.
S-T Resistances:
1964
1960
1950
Market price: 1942
S-T Supports:
1940
1935
1930
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Not
Gold crossed the key resistance 1950 yesterday. The market opened at 1944, and it visited the day-low 1937 in the Asian session. The price has started to climb as trading enters the European session. The price crossed the key 1950 resistance(1) and finally reached the day-high 1966 at the US session. The day ended at 1957, up by USD 13.
Technical buying orders had been triggered to enter the market as the price broke out from the critical resistance 1950 yesterday; however, the buyings about 1960 aren't strong. Before the weekend, 1948-1966(2) should be the trading range. Meanwhile, a mini-double top pattern(2) has formed in the 1-hour chart. If the price crosses the 1957 neckline, the price should consolidate toward 1948 in S-T. On the other hand, later on in the US session, if the price can go above 1966, the upside target will be at 1975(4).
Gold had escaped the horizontal range of 1917-44(4) in the daily chart, technically 1:1 ratio, it should be able to reach 1971 to the upside.
S-T Resistances:
1971-74
1966
1960-62
Market price: 1957
S-T Supports:
1950
1940
1935
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