As we can see, we have two Cypher patterns; in both the cases point C coincides around $1378-$1375 levels. Gold's sharp rebound from Friday's low followed by a failure at $1375 and a daily closing at $1355 indicates prices could be heading to $1335.40 levels (neckline support), but reckon the support could remain intact.
Gold’s retreat from the high of $1375 despite bullish break from the falling channel amid overbought daily RSI indicates prices could have formed a double top formation and are heading towards $1335 levels (Friday’s low and neckline support). On the higher side, only a day end closing above $1380 (38.2% of 2011 high – 2015 low) would suggest continuation...
Dollar’s failure to latch on to post NFP gains led to a sharp recovery in gold from intraday low of $1334.90 to $1370. Gold’s sharp recovery from $1334.90 if followed by a bullish break from hourly falling channel (on hourly closing basis) would suggest the minor corrective rally has ended and could yield a test of $1380 (38.2% of 2011 high-2015 low) in...
Resistance - $1363, $1370, $1380 Support - $1357, $1350, $1340 Gold is moving in a minor falling channel on the hourly chart. Despite gold’s retreat from the recent high of $1375 to $1350 yesterday, the overall bullish outlook remains intact; hence a bullish break from the falling channel could yield $1380 (38.2% of 2011 high – 2015 low). On...
Gold’s retreat from yesterday’s high of $1375 in the wake of an overbought daily RSI followed by a failure to re-test the same despite bullish tone in Asia today indicates bulls may be dealing with exhaustion. Thus, a break below the Asian session low of $1362.52 would open doors for a corrective move to $1355-1336 levels. On the other hand, a break...
Gold clocked a high of $1371 levels in Asia and continue to trade near $1370/Oz levels, which is few points short of $1378 (point C of Cypher). The 38.2% Fibo retracement of the move from 2011 high - 2015 low stands at $1380. Failure to take out $1378 - 1380 could trigger profit taking. A break higher on day end closing basis would open doors for a sustained move...
Resistance - $1358, $1378-1380, $1400 Support - $1344, $1335, $1328 Pattern – Bullish break from expanding channel Gold’s bullish break from expanding channel formation on Friday has left the doors wide open for the continuation of the rising trend from December low and a possible test of Leg D of Cypher pattern seen at $1378 levels. However,...
Resistance - $1320.67, $1328, $1335.53 Support - $1310, $1303, $1297.52 Daily chart pattern – Expanding channel formation Gold’s recovery from the yesterday’s low of $1310.10 if followed by a break above 5-DMA of $1318 could be an indication of the rally towards channel resistance at $1328 levels. A day end closing above the same would signal a...
Resistance - $1320.67, $1327.68, $1335.33 Support - $1310.10, $1303, $1297.52 Gold’s repeated failure to take out expanding channel on the day end closing basis followed by a daily closing below $1320.67 (23.6% of May low-June high) if followed by a rejection at $1320.67 and a break below $1310.10 (daily low) would open doors for a drop to $1297.52 (38.2%...
Resistance - $1320, $1327, $335 Support - $1313.60, $1303, $1297.52 Gold’s failure to sustain above expanding channel resistance for two consecutive session followed by a break below $1320.67 (23.6% of May low-June high) today indicates prices could drop to $1303-1297.52 (38.2% of May low-June high). On the other hand, only a day end closing above...
Operamos en largo si rompe resistencias y linea de tendendia
UK has filed for the divorce from EU and it remains to be seen if the courts (UK parliament) approve it. But for now shockwaves are being felt across the globe and thus gold is trading higher. Prices hit a high of $1358.41 before trimming gains to trade around $1317 levels. The Brexit shock could stay for a while and hence prices could remain above $1300/Oz...
Resistance - $1270, $1276, $1285 Support - $1263, $1253, $1246 Pattern – Head and shoulder breakout, Cypher Hourly closing below $1260 (Point C should not close below 1.414 as per Cypher rules) would open doors for a drop to head and shoulder target of $1246. On the other hand, rebound from $1260 coupled with a move in hourly RSI above 30.00...
Resistance- $1288, $1293, $1303 Support- $1283, $1278-1276, $1263 Gold's turn lower from the higher of $1294 levels led to formation of lower top formation and added credence to the possibility of head and shoulder breakout on the hourly chart. The neckline at $1278 could be pierced thus opening doors for a drop to support t $1263 (which could be point C...
Resistance - $1288, $1300, $1310 Support - $1276, $1270, $1263 Sharp rally in Cable in Asia on account of drop in Brexit bets also weighed over gold. Consequently, prices dipped to $1280 levels, thus increasing the odds of a head and shoulder formation on the hourly chart with neckline support at $1276 (also hourly 200-MA). Hourly closing below the same...
Resistance - $1287, $130, $1313 Support - $1283, $1272, $1263 Gold’s failure to take out weekly 200-MA followed by a break below $1300 resulted in a correction to $1285 levels as expected yesterday. The inverted bearish hammer candle seen on the daily chart indicates bulls may be facing exhaustion, thus short-term loss of bullish momentum could be...
Gold is struggling to take out weekly 200-MA seen today at $1313.20. This is the third week of gains for Gold and on intraday time frames the RSI is overbought. Hence, failure to take out weekly 200-MA hurdle if followed by a break below $1300 would shift risk in favor of a correction to $187 levels. On the higher side, fresh buying is seen once...
Resistance - $1303, $1313, $1322 Support - $1296, $1287, $1283 Cautious Fed and a resulting sharp drop in Fed rate hike bets pushed gold above $1300 levels in Asia, although the 4-hour RSI is overbought, while daily RSI is entering overbought territory. Furthermore, dovish Fed was priced-into some extent, thus leaving doors for a technical correction to...