Gold Trend 11/04 - 15/04
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Gold gained about USD 15 last Friday. After the market opened at 19031, the price was bounded between 1926-34 early in the day. The climb began as the price broke the S-T resistance line (1) at the US session. The price reached the day-high 1948, before the week ended at 1945.
The technical pattern hasn't changed much on the 1-hour chart; 1915-59 (3) remains the main range for trading. Since Thursday, an uptrend channel(2) has been formed; the current upward trend will continue until this channel breaks.
Daily chart - The first time in two weeks that the daily closing price is above 1940, a sign of the trend getting strong, but overall, the range 1895-1965 is still valid.
S-T Resistances:
1970-74
1960-64
1950
Market price: 1942
S-T Supports:
1930
1920
1915
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P. To
The technical pattern hasn't changed much on the 1-hour chart; 1915-59 (3) remains the main range for trading. Since Thursday, an uptrend channel(2) has been formed; the current upward trend will continue until this channel breaks.
Daily chart - The first time in two weeks that the daily closing price is above 1940, a sign of the trend getting strong, but overall, the range 1895-1965 is still valid.
S-T Resistances:
1970-74
1960-64
1950
Market price: 1942
S-T Supports:
1930
1920
1915
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P. To
Not
Gold broke out from the critical resistance 1950 yesterday. The day began at 1947. The price has consolidated toward the day-low 1939 early in the Asian session until buying started while the trading was entering the European session. The price has climbed to the day -high 1969 after it crosses the 1950 (1) resistance—the day ending at 1952, up by USD6.
The breakout of 1950(1) triggered a fresh round of buying yesterday, leading the price to the previous high of 1965. However, the profit-taking was quite strong above 1965, and the price quickly slid back to the support level of 1941- 43(3), a sign that the buying wasn't too strong. The upward support line(2) is still in effect but slightly shifted to trendline(2.1). Expect the price to trade between the triangular pattern(4) before the US session. The US CPI figures will hold the key to the trend in the next 48 hours.
Gold broke the critical resistance of 1950 yesterday, but the buying wasn't strong enough to pull the price away from 1950, with the day merely ending at 1953. The rejection from 1970 and pullback before the day-end has created a sign of reversal . If the daiy price can close below 1953 today, we can expect the price to visit again 1920 or even lower in the next 2-3 days.
S-T Resistances:
1974
1965-68
1960
Market price: 1956
S-T Supports:
1950
1941-40
1930
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P.To
Not
Gold continued its uptrend yesterday. The market opened at 1960, and the price was rejected by 1960 early during the Asian and European sessions, bounded between 1950-60. A renewal round of buying was triggered after the US released its CPI figures, broke out from the triangle pattern(1), and climbed to the day-high at 1978. The day pulled back to 1966 before closing, ending the day at 1966.
The uptrend accelerated again yesterday, from (2.1) to the latest trendline (2.2). The Feb. 24's peak of 1974 is the next key resistance on the 1-hour chart; if the price fails to cross the 1974 barrier before the US session today, it will neutrally escape the support from the trendline (2.2), ending the current uptrend enter the next stage of consolidation. The upside target will be at 1990 if the price breach the 1974-78 resistance zone; otherwise, the price will trade in range-bound between 1950-74 in the next 48 hours.
An upward trendline(4) has formed since the beginning of the climb on April 08. Gold is trying its best to escape the top of the range, 1965(3), as the day ended at 1966 yesterday. If the price can close above 1965 today, the price should be able to leave the 1895-1965 range, upside target at 2000 or higher.
S-T Resistances:
1990
1978-80
1974
Market price: 1971
S-T Supports:
1965
1960
1951-50
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P. To
Not
Gold reached a new 2=-weeks high yesterday. Carried the buying momentum from the day before, the price has kept on moving higher since the day began at 1966. It reached the day-high 1981 at the US session, and the day ended at 1977, up by USD 11.
Gold seems to begin its holiday a bit earlier then expected; yesterday's range during the US session was tight within 1975-81(1). The price broke the support from trendline(2) this morning; the recently accelerated uptrend is slowing down. Expect the price to be bounded between 1965-81 before the holiday, but need to be aware before the market closes for the holiday, the S-T risk premium in the investment may increase, supporting the gold price.
The uptrend in the daily chart has continued as gold successfully escaped the horizontal range of 1895-1965 yesterday. The buying above 1975 isn't strong, and
the price may need to consolidate, toward 1958-65(4), before it can break higher.
S-T Resistances:
1990
1978-80
1974
Market price: 1972
S-T Supports:
1965
1960
1951-50
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P. To
P. To @ 1uptick Analytics
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