Gold Trend 06/11
Gold didn't show any significant breakthrough in its trend after the two major events last week (FOMC meeting + non-farm). The market will continue to divert its focus away from the geopolitical tension from Israel after a few weeks of its breakout; the situation is pretty much like the Russia/Ukraine conflict as the market getting used to the news.
1-hour chart - The price failed to clear the 2000 resistance after such a worse-than-expected non-farm last week. It should not be easy for gold to jump across 2000-05 in S-T. In the past 48 hours, the trend of gold prices has been narrowing (1). The sideways range that we expected last week (2) has also shifted to 1970-2000(2.1). Take advantage of this range before the price break-out.
The range mentioned last week, 1955-97 (3), is still valid. There was significant selling pressure above 1990 after the FOMC meeting. For this week, the initial trading blueprint can still be based on the range of 1955-97. As long as the closing price on the daily chart remains below 2000, the M-T target can be set at the 61.8% retracement at 1934(4).
Short-term resistance:
2000
1995
1990
Current price: 1985
Short-term support:
1980
1974
1970
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
1-hour chart - The price failed to clear the 2000 resistance after such a worse-than-expected non-farm last week. It should not be easy for gold to jump across 2000-05 in S-T. In the past 48 hours, the trend of gold prices has been narrowing (1). The sideways range that we expected last week (2) has also shifted to 1970-2000(2.1). Take advantage of this range before the price break-out.
The range mentioned last week, 1955-97 (3), is still valid. There was significant selling pressure above 1990 after the FOMC meeting. For this week, the initial trading blueprint can still be based on the range of 1955-97. As long as the closing price on the daily chart remains below 2000, the M-T target can be set at the 61.8% retracement at 1934(4).
Short-term resistance:
2000
1995
1990
Current price: 1985
Short-term support:
1980
1974
1970
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
P. To @ 1uptick Analytics
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