Gold Trend 11/11
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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P. To
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
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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