A reversal has finally appeared on the daily chart!
Gold tested a new weekly high yesterday. But selling began after the US market data was released. In the early trading yesterday, the price of gold continued to rise, carrying the upward momentum from the previous session, until the US market opened. The price reached the day high of 1975.3 at the US session opening, barely touching the resistance zone between 1976-1980 that we mentioned before. However, after the US economic figures were announced, the price started to decline. Once the price cleared the S-T support level at 1970(1), triggering a new round of selling. The price of gold dropped to the day low at 1955. The day eventually ended at 1959, slightly down by US$4.
1-hr chart - Gold broke out from the S-T support (2) during the late US trading session yesterday. This marked the end of the S-T upward trend that was formed in the past 48 hours. The support level is now at 1950-55 (3).
Daily chart - The resistance from the 20-day MA(4) remains effective. As for the long-awaited reversal signal, it finally appeared after yesterday's rejection from the 1975-80 resistance(5). The price fluctuated around 20 dollars yesterday, and based on a 1:1 projection(6), expect the price to consolidate toward 1940 levels in the next 48 hours.
S-T Resistances:
1970
1965
1960
Market price: 1958
S-T Supports:
1955
1950
1945
If you like my work, kindly give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
Gold tested a new weekly high yesterday. But selling began after the US market data was released. In the early trading yesterday, the price of gold continued to rise, carrying the upward momentum from the previous session, until the US market opened. The price reached the day high of 1975.3 at the US session opening, barely touching the resistance zone between 1976-1980 that we mentioned before. However, after the US economic figures were announced, the price started to decline. Once the price cleared the S-T support level at 1970(1), triggering a new round of selling. The price of gold dropped to the day low at 1955. The day eventually ended at 1959, slightly down by US$4.
1-hr chart - Gold broke out from the S-T support (2) during the late US trading session yesterday. This marked the end of the S-T upward trend that was formed in the past 48 hours. The support level is now at 1950-55 (3).
Daily chart - The resistance from the 20-day MA(4) remains effective. As for the long-awaited reversal signal, it finally appeared after yesterday's rejection from the 1975-80 resistance(5). The price fluctuated around 20 dollars yesterday, and based on a 1:1 projection(6), expect the price to consolidate toward 1940 levels in the next 48 hours.
S-T Resistances:
1970
1965
1960
Market price: 1958
S-T Supports:
1955
1950
1945
If you like my work, kindly give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
P. To