Gold Trend 21/06 - 25/06 (Review Daily)

アップデート済

Gold fell from the peak at the US session's opening last Friday after it has climbed from 1772 earlier in the Asian/European session. It broke the 1770 support late in the US session and closed near 1760. Selling remains strong on the 1-hr chart while the market is still waiting for a bottom to form. An S-T downtrend channel(1) can be constructed for now. If the price can escape the upper resistance, the price will rebound toward last Friday's high near 1794.

Gold has stayed weak, with an over USD20 upper shadow line(2) on the daily chart, after the price was rejected by the 100 days MA and closed near 1860. Unless the price can close above 1772 in the coming 24 trading hours, otherwise 1760(3) will be the next selling target and support line(4) thereafter.

S-T Resistances:
1890
1780-82
1772

Market Price: 1771

S-T Supports:
1770
1767
1760

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Gold rebounded from the 1-month low yesterday. The climb started as trading resumed after the weekend, from 1760 all the way to 1785 in the European session. The price has consolidated a little at the US session opening, but stable above 1780 thereafter. The day ended at 1782, up USD19.

An S-T bottom has formed on the 1-hour chart, as Gold escaped the downtrend channel(1) originated from last Thursday. A tight S-T uptrend channel(2) is in place with 1794 as the first target. 1760-1800 should be the range for now.

Gold closed above 1780 yesterday, ate up the upper extension shadow the day before, a sign of S-T bullish. The 100 days MA(4) should be the next target, while 1760-1800 is the current range on the daily chart.

S-T Resistances:
1800
1795
1790

Market price: 1788

S-T Supprots:
1785
1780
1772-73

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Gold is entering a period of range-bound now. The price was rejected by 1790 in the late Asian session, once it has escaped the ST uptrend channel(1), it went to day low 1771. The market ended at 1777, slightly down by USD4.

Apart from the low volume period in the few trading hours before the market close last Friday and the few hours at the market opening this morning(5), the gold price has been supporting near 1770-72(2) level. A sign of selling momentum further reduced where Gold broke the ST resistance line(3) this morning, 1772-1790 should be the range for now before the next break.

The pattern didn't change much in the last 24 hours on the daily chart. The range remains in 1760-1800(5) where the 100 days MA(6) be the next resistance.

S-T Resistances:
1795
1790
1785-86

Market price: 1782

S-T Supports:
1780
1772-73
1768

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Gold was once again rejected by 1794 yesterday in the US session and the closing price nearly unchanged from the day before. The pattern hasn't changed much in the past 24 hours, where support remains at 1770-72 level, range-bound 1770-1890 goes on in S-T.

The price was once again rejected by the 100 days MA(1) yesterday and the pullback before the market closing has created another selling signal(2) on the daily chart, with a nearly USD20 upper extension. Support stays strong at 1770-72 level so far, let see if the price can break this support at the US session today.

S-T Resistances:
1790
1785-86
1780

Market price: 1777

S-T Supprots:
1772-73
1768
1760

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Gold remained in a tight range yesterday, traded within 1772-88 most of the day, slightly down by USD2. The pattern hasn't changed much on the 1-hr chart, the range-bound strategy of 1772-1790 is still good. A new S-T resistance line(1) has been formed, price will once again touch 1790-94 once its breach.

Selling pressure is accumulating as the price always pullback to below 1780 before closing in the past 2 days(2) on the daily chart. It will trigger a new round of selling if the price breaks the 1770 support; Major resistance remains the 100 days Ma.

S-T Resistances:
1790
1785-86
1780

Market price: 1779

S-T supports:
1772-73
1768
1760

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