Gold Trend 29/11 - 03/12 (Review Daily)

已更新

Gold fluctuated between 1780-1815 last Friday. The price had kept edging up after the market opened near 1790. Once it broke the 1800-03 resistance at the European session, the price jumped to a 1-week high of 1815.6. But the buying failed to sustain, the price fell all the way to day-low 1780 thereafter. The day ended at 1790, up slightly by USD 1, day range at USD 35.

Surprisingly the pattern hasn't changed much on the 1-hour chart. Overall the price is still bound by the 1780-1810 range, as mentioned last week. Until the price escapes the zone, stay with the range-bound strategy, with 1800-03(2) is the current S-T resistance.

The price has officially broken out from the upward trendline(3) on the daily chart, and it's now entering a period of horizontal range-bound(4). Althought the price has visited 1780 a few times, the buying support so far seems strong as it has never been able to close below 1788 on the daily chart(5). A daily closing price below 1788 will be the first sign of it breaking the downside.

S-T Resistances:
1808
1800-03
1795

Market price: 1793

S-T Supports:
1788-90
1783
1780

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註釋

Gold closed at 1783 near the bottom of the range yesterday. The day opened near 1790 and the price had been climbing until it touched day-high at 1799 at the European session. Once the price was rejected by 1800, the pullback began. The price slid all the way to day-low at 1780, with the day ended near 1784, down by USD 6.

Althought the price has been under selling pressure after the price was rejected by 1815 last Fri, it is in line with our expectation overall as it has been trading within the 1782-96(1) range throughout the day. Notice, the price has broken out from the newly formed downward resistance line(3) early in the Asian session today. The selling momentum that originated from last Friday will slow down for the moment. Expect the price to remain within the range of 1780-96 for today and the resistance at 1800-03(2) is still valid.

The horizontal range has been widened to 1780-1800(5) after the rebound yesterday on the daily chart. It is the first time the gold market closed below 1788(4) since the price fell from 1860, reflecting most of the buying support/orders near 1780 are slowly being absorbed by the market at the moment. The price will stay within 1780-1800(5) for today and the price may escape this range in the next 48 hours.

S-T Resistances:
1800-03
1795
1790

Market price: 1789

S-T Supports:
1786
1782-80
1774

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註釋

Gold regained some ground yesterday. The market started at 1775. The price has broken the resistance of 1780 in the Asian session and jumped all the way to day-high 1794 in one boost. The price stayed within 1780-90 throughout the rest of the day. The day ended at 1781, up USD 7.

As mentioned previously, the selling pressure wasn't too strong after the Fed. chair's testimony, that's why the selling momentum has not been able to follow through yesterday. 1770-1803 remains the trading range for today, and the newly formed downtrend channel(2) will lead the market in S-T.

The overall trend in the daily chart is still downward. The current gradual decline has led the price range to lower from yesterday's 1780-1880 to now 1770-1795(4). If the price bread the support 1770, the drop may accelerate, and the following support will be at 1760.

S-T Resistances:
1792-94
1788
1780

Market price: 1778

S-T Supprots:
1775
1768-70
1760

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註釋

Gold consolidated further yesterday. The market opened at 1781. Once it had touched the day-high at 1783 early in the Asian session, the price started to sink. The price had traded between 1770-80 during the European session and crossed the 1770 previous low at the US session. The day-low yesterday touched 1761, with the day ending at 1767, down USD 14.

The market is basically in line with our expectations as it's stepping lower range by range. Today's range is now lower to 1755-88, from yesterday's 1770-1803, with the S-T trend dominated by the downtrend channel(2).

The price has continued to consolidate after the rebound the day before. Although the price broke the previous low of 1770, the drop has failed to accelerate, barely touching 1760. While the market waiting for the US employment figures to be released later on today, beware the price will need to stay below 1780 in order to maintain the current downtrend. An S-T rebound will be triggered if the price closes above 1780 today.

S-T Resistances:
1792-94
1788
1778-80

Market price: 1775

S-T Supports:
1774
1768-70
1760

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