Gold Trend 15/11 - 19/11 (Review Daily)
Actualizado
Gold rallied at the 5-month peak last Friday. The selling has been relatively strong early in the Asia/European session after the market opened at 1861. The price has touched the day-low near 1843 before the US session. The rebound began as the gold entered the US session and the price was once again rejected by 1868. The day ended at 1864, up by USD 3.
The uptrend channel (1) can still be used as a reference guideline on the 1-hour chart. The market condition remains pretty much the same as last week, where the resistance above 1865-68(2) stays strong. A wedge pattern has been newly formed since last Thursday, the support is near 1843.
The S-T pattern(4) remains the same as last week on the daily chart. The price is still bound by 1848-68(4) awaiting the breakout.
S-T Resistances:
1875
1868
1860-62
Market price: 1858
S-T Supports:
1855
1850
1845
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The uptrend channel (1) can still be used as a reference guideline on the 1-hour chart. The market condition remains pretty much the same as last week, where the resistance above 1865-68(2) stays strong. A wedge pattern has been newly formed since last Thursday, the support is near 1843.
The S-T pattern(4) remains the same as last week on the daily chart. The price is still bound by 1848-68(4) awaiting the breakout.
S-T Resistances:
1875
1868
1860-62
Market price: 1858
S-T Supports:
1855
1850
1845
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Nota
Gold hit a 5-month high yesterday. Back from the weekend, the market opened slightly higher at 1866 and the price had traded between 1855-65 throughout the Asian and European sessions. It touched 1870, the 5 months high, at the US session, but the buying momentum failed to follow through. The day ended at 1862, down slightly by USD 1 from the day before.
The previous uptrend channel(1) can still be used as a reference. In the past few days of trading, while the daily closing price was being pushed higher, the market has begun to get used to the resistance at 1865-68(2). The wedge pattern(3) is still good for now, with 1843 as the support and the upper resistance stepping higher day by day. Resistance at 1870 remains strong, need to be prepared for any sudden downward movement.
The daily closing price has been pushing higher in the past few trading days, and the long-awaited S/T consolidation has yet to appear on the daily chart. The price has touched 1870 yesterday but failed to stay above 1868. Overall, the price is still on its way toward 1910 in M/L-T, and structurally, the price is bounded by the 1848-68(4) range in the S/T unit it breaks.
S-T Resistance:
1880
1875
1868
Market price: 1865
S-T Supports:
1860-62
1855
1850
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Nota
Gold retreated from the 5-month high yesterday. The day started near 1861 early in the Asian session. Once the price broke the 1870 resistance, it has gone all the way to a new 5-month high at 1876. However, soon after the US economic figures were released, the price quickly fell. It dropped to day-low 1849, with the day ending near 1850, down by USD 12.
The price is still trading within the wedge pattern(1) as mentioned in the past few days. As the price pulled away from the top section of the pattern, the forgotten S-T trend line(1.1) is now providing support. 1843 will provide support to the downside, if the price breaks out from 1843, the next target can be set at 1833 & 1820 thereafter.
A sign of reversal(3) has been formed after the price pulled back from the peak yesterday. If the price can break out from Range (2) on the daily chart, the long-awaited consolidation period will finally appear.
S-T Resistances:
1868
1860-62
1855
Market Price: 1852
S-T Supports:
1850
1845-43
1840
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Nota
Yesterday, gold recovered from the fall the day before. The market opened near day low around 1850 early in the Asian session and the price has continued to climb. At the US session, it reached the day-high near 1867. The day ended at 1867, up by USD 17.
The pattern has changed much on the 1-hour chart in the last 24 hours. The price is still maintaining its path with the wedge pattern(1). No sign of it escaping the range any time soon, can continue to take advantage of the pattern(1).
The horizontal range 1848-68(2) is still valid. As mentioned yesterday, if the price is not able to escape the range within today, it will stay within 1848-68 for another 2-3 trading days.
S-T Resistances:
1880
1875
1868
Market price: 1865
S-T Supports:
1860-62
1855
1850
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Nota
Gold wandered around the 5-months peak yesterday. The day had begun relatively high near 1866. In the Asian session, the price had carried the buying momentum from the previous day reached the day-high at 1872, and selling began thereafter. Gold touched day low 1854 at the US session, with the day ended near 1858 down by USD 8.
Gold is still trading within the wedge(1) on the 1-hour chart. But the range has been narrowing down in the last 48 hours, adding a new triangle pattern(2) on top. If the price breakout from the triangle, movement will accelerate toward the boundary of the wedge(1) in the next 48 hours.
Nothing changes on the daily chart as the price is still trading within the horizontal range(3), it is now heading toward the bottom of the range at the moment.
S-T Resistances:
1875
1868
1860-62
Market price: 1858
S-T Supports:
1855
1850
1845
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P. To @ 1uptick Analytics
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