Gold Trend 03/04 - 07/05 (Review Daily)

3 במאי 2021

Gold traded in a tight range last Friday, fluctuating between 1763-1773. The S-T range-bound trend remains, it's a good chance to take advantage of the 1760-90 range in coming days.



Gold failed to push higher after the Fed. meeting last week. 1760-1790 remains the range on the daily chart.

S-T Resistances:
1790
1780-83
1775

Market Price: 1773

S-T Supports:
1770
1765
1760

Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.

4 במאי 2021

הערה

The Gold market yesterday,
Asian session: Opened near 1770 with the price has risen slowly
European session: Crossed the resistance at 1775, S-T rejected by 1780
US session: Buying momentum has picked up, broke the resistance at 1783 & 1790. Hit a near 2-months high of 1798. Market closed at 1792

Gold rose over 1% yesterday, but it was rejected by the previous high of 1798. So far, the resistance near 1800 is still strong and the trading range has now been shifted up from 1760-1790 to 1768-1798. Notice an S-T bullish signal appeared yesterday that Gold has broken the resistance line(1), the market may be in the progress of shifting from a range-bound to bull market. 48 hours before & after the US employment figure this Friday will be the key moment for any breakthrough.



Although the buying was strong yesterday, gold has yet to escape the daily chart's range-bound pattern. There may be a chance that the market carries the buying momentum from yesterday and break the 1800 resistance & 100 days MA(2) in the next 24 hours, but most likely the price will be stable in a range before the US employment figures on Friday. The M-T double bottom structure is still in place, the target reaching 1840 in the next 1-2 weeks remains unchange.

S-T Resistances:
1800
1793-97
1790

Market Price: 1787

S-T Supports:
1783
1780-78
1775

Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.

5 במאי 2021

הערה

Gold fell from the 2-month high again yesterday. The price was trading between 1780-1790 during the Asian and European session. Buying began at the US session, the price has touched 1798 but fell quickly all the way to day-low 1770. The market ended at 1778.

The trading was in line with the expectation yesterday, range-bound in 1766-1798. Resistance near 1800 remains strong. While the release of US employment figures is approaching, the price should stay within the 1766-1798 range in the next few days.



Gold was rejected by 1800 once again on the daily chart, the 1800 resistance & 100 days MA(1) resistance remain strong. After the selling from 1798 to 1770 at the US session yesterday. Most likely for now the price will be stable in a range before the US employment figures on Friday

S-T Resistances:
1793-97
1790
1783

Market Price: 1782

S-T Supports:
1780-78
1775
1770

Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.

6 במאי 2021

הערה

Gold closed near day-high yesterday around 1786. Overall, the price is still running within the 1770-98 range in the 1-hr chart. An S-T double-bottom pattern has been formed in the past 48 hours, as the price broke the 1783 neckline, the S-T target is now set at 1791-96(1). An S-T support line(2) has also been formed in the past 24 hours, the current S-T climb will be finished if the price break this support line(2).



Awaiting for the market to further develop, gold remains in the the 1768-92 range. While the price approaching the upper limit of the range, the 100 days MA(3) resistance is still good.

S-T Resistances:
1800
1793-97
1790

Market Price: 1790

S-T Supports:
1783
1780-78
1775

Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.

7 במאי 2021

הערה

Gold has carried the buying momentum from the rebound of the double bottom structure 48 hours ago, broke the key resistance of 1796-1800 yesterday. The buying has remained strong today hitting a new high of 1820 in the Asian session today. A reversal sign has yet to be seen on the 1-hr chart, the situation is pretty much the same as yesterday, the current climb will only be finished if the price breaks the S-T support line(1).



The long-awaited 1800 break-through has finally been here, 24 hours before the US employment figures. The bull is strong after the price has crossed both the resistance at 1800 and the 100 days MA. No reversal signal yet on the daily chart. Entering the final stage of the M-T double-bottom structure, the target 1830-40 should be reached within the expected time frame mentioned before. The 250 days MA should be the next target.

S-T Resistances:
1835
1828-30
1820

Market Price: 1819

S-T Supports:
1813
1807
1800

Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.