Gold Trend 21/12 - 24/12 (review daily)

Gold price continued to become motivated last week by the hope of the
new U.S COVID-19 aid bill with an overall surged of 2.2%. The price is running well within an M-T uptrend channel (1) on the daily chart, current resistance @ 1890 (2).

The weekly high was set on Thursday last week on the 1 hour chart. A S-T downward resistance (3) has formed in the past 48 trading hours, expecting a minor break out in Asian or European session today. S-T range will be @ 1880-1892 or a downslide toward 1870-68.

S-T Resistance: 1890 / 1897-1900
S-T Support: 1880 / 1870-68

Yorum:

Gold fluctuated over 50 dollars yesterday. It surged all the way to 1906 after it has broken the S-T resistance line (1) early in the Asian session. Gold began to fall in European session while the USD was gaining strength. Touched the day low before the U.S. session and closing near 1880 level.

The price is still running within the M-T uptrend channel(3) on the daily chart. High fluctuation with near the same closing price showing the market is now without a clear direction. Prefer to apply a range bound(2) strategy at the currently market condition.

S-T Resistance: 1890 / 1897-1900
S-T Support: 1880 / 1870-68

Yorum:

Gold fell during the U.S. session yesterday to close at near 1860 level. In the past 24 hours, a S-T resistance line(1) has formed, a break through is pending to occur in the next few hours.

Gold is now approaching a key support on the daily chart (4). If gold breaks the bottom support of the uptrend channel, a major consolidation can be expected in M-T.

S-T Resistance: 1870 / 1880
S-T Support: 1860-55 / 1845