Gold Trend 28/12 - 31/12 (review daily)
Gold didn't changed much during the holiday season. The price is remaining under the L-T downward resistance(1) and the M-T uptrend channel(2). M-T range bound @ 1860-90.
A S-T upward support line(3) has been formed in the pass 48 trading hours. S-T resistance @ 1880.
S-T Resistance: 1880 / 1890-92
S-T Support: 1870 / 1860-55
A S-T upward support line(3) has been formed in the pass 48 trading hours. S-T resistance @ 1880.
S-T Resistance: 1880 / 1890-92
S-T Support: 1870 / 1860-55
Komen:
A quiet day for gold yesterday where it traded in a tight range with a merely 15 dollars fluctuation.
The price is still testing the support on the M-T uptrend channel(2) on the daily chart, awaiting for the next M-T move. Gold is now reaching the day high of yesterday, if upward momentum cannot pick up, S-T range will be 1890-1870 for the next 24-48 hours.
S-T Resistance: 1890-92 / 1900
S-T Supprot: 1880 / 1870-71
A quiet day for gold yesterday where it traded in a tight range with a merely 15 dollars fluctuation.
The price is still testing the support on the M-T uptrend channel(2) on the daily chart, awaiting for the next M-T move. Gold is now reaching the day high of yesterday, if upward momentum cannot pick up, S-T range will be 1890-1870 for the next 24-48 hours.
S-T Resistance: 1890-92 / 1900
S-T Supprot: 1880 / 1870-71
Komen:
The dollar index touched a new low yesterday supported the gold price yesterday. The price reached the day high @ 1894 in the U.S. session & buying continued this morning while the price touched 1900 this morning.
Gold has begun to rebound after it touched the bottom support of the M-T uptrend channel (2) on the daily chart. The selling pressure @ 1880(3) before market closing has been removed as the price closed near day high @ 1894 yesterday. Major resistance is now at the 100 days MA (4) and the L-T upward resistance line(5).
S-T Resistance: 1894 / 1900
S-T Support: 1880 / 1870-71
The dollar index touched a new low yesterday supported the gold price yesterday. The price reached the day high @ 1894 in the U.S. session & buying continued this morning while the price touched 1900 this morning.
Gold has begun to rebound after it touched the bottom support of the M-T uptrend channel (2) on the daily chart. The selling pressure @ 1880(3) before market closing has been removed as the price closed near day high @ 1894 yesterday. Major resistance is now at the 100 days MA (4) and the L-T upward resistance line(5).
S-T Resistance: 1894 / 1900
S-T Support: 1880 / 1870-71
P. To @ 1uptick Analytic
Gold touched as high as 1900 in Asian session as investors welcomed the signing of the new U.S COVID-19 aid bill. But selling has begun after it touched 1900, fell all the way to 1870 as it broke the S-T support line(1) before the U.S. session. Market closed at 1873.
Gold once again getting close to the M-T uptrend channel(2) on the daily chart. But notice 2 long shadow line(3) has formed in the pass 7 trading days, reflecting selling is strong above 1880 level. "Buy on rumor and sell on fact" Since the new U.S. aid bill is at the finalizing stage, beware of a S-T market's profit taking and consolidation.
S-T Resistance: 1880 / 1890-92
S-T Support: 1870 / 1860-55