Gold Trend 25/10 - 29/10 (Review Daily)

アップデート済

Gold retreated from the 2-month high last Friday. The day opened near 1783. The price has broken out from 1788(1) early in the European session and burst up the second time at the US session opening. Once it had touched the highest at 1813, the price dropped back quickly to the day's opening price 1783. The market ended at 1792, up by USD 10.

Although the price has crossed the 1800(2) barrier, it failed to stay above it. The upward momentum from breaking 1788 has all been absorbed by the sharp drop. The price is still maintaining its path within the uptrend channel(3), however, the trend has been tightening down to a wedge pattern(4) as it gets close to 1800. Before the next move, expect the price to fluctuate between 1788-1813.

The price almost touched the upper limit of the uptrend channel(6) last Friday on the daily chart. A selling signal(5) has appeared after the drop. In order to carry on the selling momentum, the market needs to close below 1792 in the next few trading days. If the price fails to close below 1792 in the next 2 days, the trend will resume upward within the channel(6).

S-T Resistances:
1810-13
1805
1800

Market price: 1798

S-T Supports:
1794-96
1788
1780

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Gold edged higher yesterday. Since the market has opened at 1792 early in the Asian session, the price kept on climbing throughout the trading day, until it has peaked at 1810 at the US session. The day ended near 1807, up by USD 14.

Gold once again was rejected by the 2-month's high near 1810. Buying momentum so far hasn't been able to sustain above 1808. The S-T trend hasn't changed much, staying with the same strategy as yesterday with the S-T range maintains within 1788-1813.

Gold is maintaining its path within the uptrend channel(4) and so far the movement has been blocked by the 250 days MA(3). The selling from last Friday has not been able to dominate the market while the price is staying above 1800 now. According to the current market development, as long as the daily closing price stands on top of 1800, the price should be able to climb along the uptrend channel(4) toward the top of the M-T horizontal range 1720-1835(5).

S-T Resistnaces:
1813
1810
1805

Market price: 1803

S-T Supports:
176-1800
1794-96
1788

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Gold eased from the 2-months high yesterday. The market opened near the day-high at 1807. Once tradings became active during the Asian and European session, the price had kept dipping lower. The price broke the 1800(1) barrier at the US session opening and touched the day-low near 1781. The day ended near 1792, down by USD 15.

The upward momentum has slowed down after the price escaped the already tightened wedge pattern(2). The price is still trading within the uptrend channel (5) overall. The buying support is still relatively strong near the 1788 level. Before the next major breakout, the range 1788-1813(4) is still valid. Pay attention to the resistance at 1800 and the newly formed downward resistance line(3) on the upside as it rebounds within the day.

As mentioned yesterday, the gold price has been pressured by the 250 days MA on the daily chart. The price has failed to defend the 1800 support for the daily close yesterday, showing a sign of S-T consolidation. Before the breakout, the uptrend channel(6) originated from Sept. 30 is still valid, along with the horizontal range 1720-1835 for the L/T trend.

S-T Resistances:
1796-1800
1794
1788

Market price: 1787

S-T Supports:
1785
1781-80
1775

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Gold rallied from the bottom of the uptrend channel yesterday. The price had been weakening after the market opened near 1792 early in the Asian session. The price had begun its rebound after it bottomed out at 1782 during the European session. The day-high had touched 1798, with the day ending at 1796 up by USD 4.

Buying orders started to enter the market after the price touched the bottom of the uptrend channel(1) yesterday. A mini-double bottom pattern(2) has formed yesterday and was completed early in the Asian session today. As mentioned yesterday, the resistance line(3) is still valid in S-T. Expect the price to maintain its path with 1788-1813(4), with 1800 as the middle barrier.

The gold is still running within the uptrend channel(6) on the daily chart. After the price touched the lows near 1780 in the last 2 trading days, a bottom-out signal has appeared(5). The 250 days MA(7) will be the key resistance for today.

S-T Resistance:
1810-13
1805
1800

Market price: 1798

S-T Supports:
1793
1788
1780

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Gold maintained its trade within the range yesterday. The market had opened at 1796 early in the Asian session and the price was gradually on its way up. The volatility had increased at the US session during the time of releasing the economic figures. The price climbed to day-high 1810 and quickly fell back to day-low near 1791. The day ended near 1798, up slightly by USD2.

At this point, continue to take advantage of the 1788-1813(2) horizontal range before the breakout on the 1-hour chart. The bottom trendline of channel(1) remains the key support in the downside.

The horizontal range(3) pattern has finally spread from the 1-hour chart to the daiy chart now. The 250 days MA(4) is still the key resistance. On the daily chart, the gold price needs to breakout to the upside before next Wed., otherwise, the price will naturally escape the uptrend channel(5) and enter a new period of horizontal range or downward trend.

S-T Resistances:
1810-13
1805
1800

Market price: 1796

S-T Supports:
1793
1788
1780

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