Gold Trend 20/12 - 24/12 (Review daily)
Zaktualizowano
Gold pulled back from another weekly high last Friday. The market opened near 1798 levels. Once the price broke out from the key 1800 resistance(1) early in the Asian session, it had not stopped climbing until it peaked at 1814 at the US session opening. After the price touched 1814, profit-taking and selling soon began. The week ended at 1797, pretty much unchanged from the previous day.
The total surge of USD 62 originated last Wednesday, from 1752 to 1814, has come to an end(2) after the pullback occurred during the US session before Friday's end. The selling has basically absorbed all the buying momentum from earlier that day, showing the selling pressure remained strong above 1800. In S-T, expect the price to trade between 1797-1815 within the day, and be cautious of the price breaking the support at 1792(3).
The trading range on the daily chart has been widened to 1770-1815(6.1) by the gold escaping its previous range of 1770-92(6). And the pullback last Friday has created a reversal selling signal(5.1) to encounter the buying signal(5). The closing price on the daily chart will need to stay between 1797-1815 today in order for the upward momentum to stay. Otherwise, if the closing price ends below 1797 today, the market should respect the selling signal(5.1) and possibly resume its position back below 1792.
S-T Resistances:
1820
1812-15
1807
Market price:1802
S-T Supports:
1800-1797
1792
1785
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P. To
The total surge of USD 62 originated last Wednesday, from 1752 to 1814, has come to an end(2) after the pullback occurred during the US session before Friday's end. The selling has basically absorbed all the buying momentum from earlier that day, showing the selling pressure remained strong above 1800. In S-T, expect the price to trade between 1797-1815 within the day, and be cautious of the price breaking the support at 1792(3).
The trading range on the daily chart has been widened to 1770-1815(6.1) by the gold escaping its previous range of 1770-92(6). And the pullback last Friday has created a reversal selling signal(5.1) to encounter the buying signal(5). The closing price on the daily chart will need to stay between 1797-1815 today in order for the upward momentum to stay. Otherwise, if the closing price ends below 1797 today, the market should respect the selling signal(5.1) and possibly resume its position back below 1792.
S-T Resistances:
1820
1812-15
1807
Market price:1802
S-T Supports:
1800-1797
1792
1785
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
Uwaga
Gold had carried the selling momentum from the day before, consolidated further yesterday. The price had kept moving lower after the market opened at 1800 and touched the day-high early in the Asian session. It sunk to the bottom 1788 late in the US session ended the day at 1790.
As mentioned yesterday, gold has entered an S-T consolidating period after it escaped Trendline(1). In the past 48 hours on the 1-hour chart, a new resistance line(2) has been formed, however, selling doesn't seem to be strong so far as it has been trying to stay below 1792 earlier in the Asian session today. The key in the next 24 hours is whether the price can jump over the resistance line(2). If the price stays above 1792 later on today in the US session, a new uptrend channel(3) will be formed.
From a wider perspective, a rounding bottom(4) is currently developing in the 1-hour chart. The pattern will further progress if the price stays above 1780 in the next 48 hours and the pattern's target can be set at 1835 once it's complete.
Carried the selling momentum from last Friday, gold is now once again touching 1790. While the price closed near day-low yesterday, the market is not showing any bottoming out signal on the daily chart, still need to prepare for the price to consolidate a bit further.
S-T Resistnnces:
1800-03
1797
1792
Market price: 1791
S-T Supprots:
1788
1782-80
1777
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P. To
Uwaga
Gold had once again pulled back from an early climb yesterday. The market opened at 1790 early in the Asian session. During the European session, an upwave had been triggered by the price breaking out from the trendline (1) and the resistance line 1792. It reached the day-high 1800 at the opening of the US session, then selling had begun. The price visited day low near 1784 and the day ended at 1788.
The buying momentum has not been able to accumulate while the uptrend channel(2) failed to take shape yesterday. After all, the price is now resuming position back to the 1770-92(4) range. The price will be under pressure by the newly formed downtrend channel(3) in S-T. For the rounding bottom mentioned yesterday in the 1-hour chart, the price will need to stay above 1780 in order for it to stay in shape.
After the Dec. 15 uptrend was completed, gold has been remaining weak on the daily chart. The price is still contained by the 1770-1815 range and the 20 days MA will provide S-T support for today.
S-T Resistances:
1800-03
1797
1792
Market price: 1788
S-T Supports:
1788
1782-80
1777
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P. To
Uwaga
Gold climbed more than USD 10 yesterday. The market opened at1788. The price was bounded by a tight range between 1785-91 during the Asian & European session. At the opening of the US session, volume rushed in. The price broke out from the S-T downtrend channel(1) and the 1792 resistance. It went all the way to day-high 1804 near the day's end. The market closed at 1803.
As mentioned in the past few days, a rounding bottom pattern is under development in the 1-hour chart. The rebound began near 1785 yesterday, successfully defended the pattern. Buying is slowly dominating the market. Once the price clears the resistance at 1815, the upside target can be aimed at 1835 or above.
The climb yesterday has swallowed the decline in the last 2 days. It is a sign of the bull as it is the first time in 1 month since Nov. 27 that the price is able to close above 1800(3).
S-T Resistances:
1820
1812-15
1807
Market price: 1805
S-T Supports:
1800-1797
1792
1785
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P. To
P. To @ 1uptick Analytics
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