Gold Trend 09/08 - 13/08 (Review Daily)

已更新

Gold fell more than USD 40 last Friday. The drop has begun after the US employment figures. Once it broke the support at 1790(1), the price went all the way to 1760 with the day ended near 1763.

Back from the weekend, selling has been triggered by the breakout of 1750-60(2) early in the Asian session. As a result of extremely thin trading volume during that period, the price has gone to as low as 1650. While the market price is now trading around 1745-50, the resistance sits at 1750-60. If the price is not able to climb above 1760 or break the S-T resistance line (3), the market will most likely visit the bottom again.

The double top pattern(3) has completed last Friday on the daily chart, but selling momentum has continued after the weekend. Unless the price can rebound upon the resistance line(4), the downtrend should continue until a reversal signal occurs on the daily chart.

S-T Resistances :
1765
1760
1750

Market price: 1745

S-T Supports:
1740
1735
1730

If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!

P. To

註釋

Gold fell another USD 35 on Monday. Early in the Asian session with extra thin volume from the Japanese & Singaporean market holiday, the price has broken the 1760-50(1) support. Carried the selling momentum from the previous trading day, the price has gone to as low as 1650. It has rebounded quickly, the price has traded between 1725-1750 during the European and US session. The day closed at 1729, with over USD 100 daily range.

The trading range should maintain between 1725-1750 for today. If the price breaks the support at 1725, it should once again touch 1700. As mentioned yesterday, the key resistance is now sitting at 1750-60(2), and the downtrend will not finish until it is able to break 1760 and the resistance line(3).

Although the price has rebounded quickly yesterday created a long bottom wick(5), a quick rebound in this condition may not consider as a reversal signal from experience. The M-T trend stays weak as gold has broken the key support line(4) on the daily chart. It may touch again 1700 if the price break the 1725-30 support.

From a longer-term perspective, gold has broken the M-T support line(4). The triangle pattern is completed and the price will now enter a structure of horizontal range(7).

S-T Resistances:
1755
1750-52
1738-40

Market price: 1735

S-T Supports:
1730
1725
1720

If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!

P. To

註釋

Gold was steady yesterday. The price has opened near 1728 in the early Asian session, and its drop began right after it has touched the day-high near 1738. Although the price has broken the support at 1725 and gone to as low as 1716 at the US session, the day ended near 1729, basically unchanged from the day before.

Overall the movement was in line with our expectation yesterday, with the price bounded within 1725-50. A false breakout at the US session yesterday has widened the daily range from 1725-50 to 1720-50(1) for today. An S-T uptrend support line(2) has formed in the past 24 hrs. If the price can break yesterday's high of 1738, most likely it will be able to reach the top of the range again. Notice, the breaking of a resistance line(3) will still be the reversal signal for the current downtrend.

Gold is currently supported by the 1725-30(4) zone on the daily chart. And the range for today can be expected to trade between 1716-50(5). Once again, it will be a sign of selling restarting if the daily closing price is below 1725.

S-T Resistances:
1755
1750-52
1738-40

Market price: 1733

S-T Supports:
1730
1725
1720

If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!

P. To

註釋

Gold reached 1750 yesterday. The price has traded between 1730-35 throughout the day until it broke the previous high at 1738 at the US session. It has gone all the way to day-high 1754. The day ended at 1751, up by USD 22.

The downward momentum originated from 1830 will now officially slow down and possibly be shifted to a horizontal range, 1720-1754(4), after the gold price has escaped the downward resistance line(3) yesterday. While the price approaching the key resistance level of 1760, the triangle pattern(6) should be the S-T trend for today.

The gold price has rebounded to the key resistance level of 1750-60(8) on the daily chart. Unless it can clear all the selling at 1760, otherwise 1730-1760 should be the range in the coming days.

S-T Resistances:
1767
1760
1754

Market price: 1750

S-T Supprots:
1744
1738
1730

If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!

P. To

註釋

Gold prices were basically unchanged yesterday. Before the European session, it has gone to day-high near 1758 and began its drop. The price went to as low as 1740 at the US session, with the day ended at 1752 fluctuated USD 16.

S-T support line(1) continues to provide support for gold, and the triangle pattern (2) is still good for today. The buying yesterday below 1747(3) during the US session yesterday seems to be quite strong. The market may have the momentum to touch 1767-70 if it breaks the resistance at 1760(5) today. However, before any pattern changes, 1720-54(4) range-bound will still be the trading strategy for today.

Overall, the price is still on a bearish trend after it has gone below the M-T support line(7) on the daily chart. The price has been trading within a narrow range between 1750-60(6) in the past 24 hours, and the S-T trend is not clear at the moment. The price will need to at least escape the 1750-60 trading zone in order for the S-T trend to reveal itself.

S-T Resistances:
1775
1767-70
1758-60

Market price: 1757

S-T Supports:
1750
1747
1740

If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!

P. To