Gold Trend 08/11 - 12/11 (Review daily)

٨ نوفمبر ٢٠٢١

Gold jumped USD 26 last Friday. The market opened near day-low 1791 with the price traded between 1790-1799 throughout the day. Buying momentum has been initiated by the price breaking the 1800 resistance(2) 2 hours after the US employment figures. Day-high reached 1818 and the day ended at 1817, up by USD 26.

The volatility has increased since last Thursday on the 1 hours chart. Once the price escaped the downtrend channel(1) late on Thursday, buying has resumed. A narrow S-T uptrend channel has been formed in the last 48 trading hours, wait for this channel to be widened in the next 24 hours. Resistance at 1820 should be strong , the price should be bounded between 1807-20 until 1820 breaks.



The price has resumed its move toward the top of the 1720-1835(5) range after it broke out from the 250 days MA(4) on the daily chart. Key resistance is now at Trendline(6).



From an L-T(long-term) perspective, the price is once again approaching the downward resistance line(6), originating from Aug. 2020. If the price breaks out from the trendline(6), the price will end the downtrend then enter a period of range-bound between 1680-1910; otherwise, the price will continue downward.

S-T Resistnaces:
1830-33
1825
1820

Marker price: 1819

S-T Supports:
1815
1809-10
1800

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٩ نوفمبر ٢٠٢١

ملاحظة

Gold edged to a 2-month peak yesterday. Back from the weekend, the market came back to open near 1815 and the price has been rejected by 1820 thought-out the Asian and European session. Until the US session, gold reached the 2-month peak at 1827. The day ended near 1824, up by USD 6.

The trading range was relatively tight yesterday, merely @ USD 14. The S-T trend is still running within a narrow uptrend channel(1). Unless the price is able to push higher in the near term, this current steep and tight uptrend channel(1) will be hard to sustain. As mentioned yesterday, expect the channel to be widened. 1807-1833(2) should be the preliminary range for today with 1825 being the S-T resistance.



The overall trend is still dominated by the 1720-1835(3) range on the daily chart. Buying momentum has slowed down while the price is approaching the top of the range. Notice, the resistance above 1825 has been strong so far, as the price has failed to stay above 1825(4) for over 48 hours since July. The break out from the downward trendline(5) yesterday is yet to be confirmed since the momentum and volume didn't seem to be significant enough.

S-T Resistances:
1833
1830
1825

Market price: 1822

S-T Supports:
1820
1815
1807-09

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١٠ نوفمبر ٢٠٢١

ملاحظة

Gold reached a new 2-month high yesterday. The price was blocked by 1825 early in the Asian and European session. Once the US session had become active, the price broke out from 1825 reaching the highest 1833 right the day's end. The day ended at 1832, up by USD 7.

Gold finally reached our S-T target at 1833 late in yesterday's session and it has begun to consolidate thereafter. The uptrend originated from Nov. 04 is now completed as the price has escaped the uptrend channel(1) early in the Asian session today. The S-T trading strategy remains unchanged as yesterday with 1807-33(2) as the trading range until the current trend develops further.



Gold has gotten close to the 1835(3) resistance, the upper limit of the range(4) just like the last few times. So far there is no sign of it breaking out from the M-T/L-T range of 1720-1835(4). It will be the first sign of the price attempting to break the upside if the daily closing price closes above 1825 in the next 2 trading days.

S-T Resistance:
1840
1833
1830

Market price: 1826

S-T Supports:
1825
1820
1815

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١١ نوفمبر ٢٠٢١

ملاحظة

Gold jumped to a 5-month peak yesterday. The market opened near 1831 early in the Asian session. Once the price had escaped the uptrend channel(1), the trend turn into range-bound until the US session. Once the US economic figures had been released, the price quickly broke out from the key 1833(2) barrier. Within 2 hours, the price touched the 5-month high near 1868. The trading day ended at 1848, up by USD17 with the daily range fluctuating by USD 46.

The previous narrow uptrend channel(1) has been widened to a newly formed channel(3) in the past 24 hours. Expect gold to maintain its trend upward, after the price broke out from the major resistance at 1833.



As mentioned yesterday, it will be a key indication if the price closes above 1825 on the daily chart. Not only that the price closed above 1825 yesterday, but it had also gone all the way to as high as 1868. The price has escaped the horizontal range of 1720-1834(4) ending the range-bound pattern. But notice, the price had consolidated over USD 20 before the market closing yesterday(5). Definitely need to be aware of a few profit-taking actions occurring in S-T, particularly after 6 consecutive days of climbing over nearly USD 100 for the gold.



From the L-T perspective, the gold has finally broken out from the downward trend originated from 2020 Aug. The price may be able to touch again 1910 in the near future.

S-T Resistances:
1868
1860-62
1855

Market price: 1853

S-T Supports:
1850
1845
1840

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١٢ نوفمبر ٢٠٢١

ملاحظة

Gold stayed near the 5-months high yesterday. The market opened near 1848.
The price had maintained its path upward since it touched the day-low early in the Asian session. Day-high 1865 was reached during the US session and the day ended near 1861, up by USD 13.

Carried the buying momentum from the day before, the price has once again returned to 1860 above. The price is still running in the S-T uptrend channel(1). It will trigger a round of selling if the price escapes the channel to the downside, the target can be set near 1833 just in case.



On the daily chart, the S-T price pattern is currently bounded by the retraced range of 1848-68(3) from the day before. Although the M-T/L-T trend is upward, resistance near 1868 remains strong. The price will need to consolidate lower in order for it to springboard higher.

S-T Resistances:
1868
1860-62
1855

Market price: 1853

S-T Supports:
1850
1845
1840

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