As mentioned in our previous analysis, Gold's movement is limited, and it almost did reach the 1290 area. As for now, we are on a wait and see status, whether price would still move up to 1290. A break below 1275 suggests that bears are back.
Resistance - $1288, $1295, $1300 Support - $1283, $1276, $1263 Gold's repeated failure to have a sustainable rally above March 2016 high of $1284 coupled with falling tops formation of the hourly RSI indicates prices could test support of hourly 100-Ma located at at $1276 ahead of the Fed rate decision. A rebound from hourly 100-MA followed by a break...
Resistance - $1283.43, $1295, $1303 Support - $1273, $1269, $1263 Gold’s breach of rising trend line on the hourly chart could signal a short-term loss of bullish momentum and leave the doors open for a fall back to daily 5-MA level of $1273 ahead of tomorrow’s Fed rate decision. On the other hand, a break above Asian session high of $1283.43 could...
Gold's break above $1271.72 indicates the bearish price RSI divergence seen in early European longer holds true and thus prices are now heading towards March 2016 high of $1284.81. The move comes a day after prices witnessed a bullish break from falling trend line level, which adds credence to violation of bearish price RSI divergence on hourly timeframe. Note...
Resistance - $1272, $1284, $1300 Support - $1260, $1253, $1247 Hourly chart pattern - Rising trend line at risk of being breached, bearish price RSI divergence Daily chart pattern - Possible head and shoulder formation Gold's bearish price rsi divergence on the hourly chart if followed by a hourly closing below rising trend line would indicate...
Resistance - $1270, $1284, $1295-1300 support - $1260, $1253, $1247 Gold's rebound from rising trend line support despite bearish price RSI divergence seen on hourly chart indicates the bullish momentum is strong. Prices have moved above $1263 and appear on track to test resistance at $1270. A day end closing above $1266 today would signal possible...
Resistance - $1263, $1270, $1284 Support - $1260, $1253, $1247 Gold's bearish price RSI divergence on the hourly chart comes at a time when the metal is attempting a bullish break from falling trend line on the daily chart. In this scenario,a failure to hold above $1260 (rising trend line support on hourly) would add credence to bearish divergence and...
Resistance - $1263, $1270, $1284 Support - $1253, $1247, $1243 As anticipated earlier today , Gold breached $1253 (earlier resistance, now support). A sharp recovery from low of $1234 followed by a break above daily 50-MA and subsequent breach of key Fibo level at $1253 indicates prices are on track to test falling trend line resistance currently seen...
Resistance - $1253, $1263, $1270 Support - $1242-1240, $1234, $1230 Gold’s recovery from yesterday’s low of $1234 followed by a move back above $1243 (23.6% of Dec low-May high) and a subsequent rise above daily 50-MA indicates the metal is likely to test $1253 (23.6% of 2011 high-2015 low). Moreover, prices could take out $1253; given the daily RSI...
Resistance - $1246, $1253, $1263 Support - $1242-1240, $1234, $1230 Gold's failure to take out daily 50-MA in Asia if followed by a bearish break from flag formation on the hourly chart would open doors for a drop to $1234 levels. On the higher side, an hourly closing above $1246 would mark bullish break from flg formation and signal continuation of the...
Resistance - $1253, $1264, $1270 Support - $1242, $1239.26, $1230 Gold’s sharp rally on Friday post horrible non-farm payrolls release has left it overbought as per RSI on the hourly and 4-hour time frame. Consequently, bullish momentum ran out of steam as prices approached $1253 (23.6% of 2011 high-2015 low) in Asia. Further correction to...
Resistance - $1221, $1235, $1243 Support - $1211, $1207, $1200 Gold’s failure to sustain above daily 5-MA in Asia if followed by a break below strong trend line support at $1207 levels would open doors for test of psychological level of $1200.00. Note that prices failed to take out daily 100-MA yesterday. Consequently, bears appear in control and a...
Resistance - $1223, $1230, $1246 Support - $1210 , $1200, $1191 Gold bullish price RSI divergence on the hourly chart and a subsequent rise in prices has led to a formation of a minor rising channel. However, prices failed to chew through supply around daily 100-MA of $1220 in Asia and fell back to $1215 levels. Failure at daily 100-MA followed...
Resistance - $1218.75, $1232, $1246 Support - $1209.84, $1200, $1191.53 Gold’s bullish price RSI divergence followed by a break above hourly 50-MA indicates doors remain open for a test of supply around daily 50-SMA of $1218.75 levels. However, resistance at $1218.75 is likely to stay intact with re-test of $1200 levels seen likely in case prices dip...
Gold rose to a high of $1223 in Europe before trimming gains and falling back to $1215 levels in early US session. Upward revision of US GDP is helping USD strengthen, although the bullish price RSI divergence on the hourly chart is still intact. Moreover, divergence would be negated only if prices see a hourly closing below $1211.48 levels. However,...
Resistance - $1223, $1230, $1245 Support – $1216, $1211.48, $1200 Yellow metal declined till $1211.52 in Asia before making a move back above daily 50-MA level of $1216 amid oversold RSI on daily time frame. The hourly chart also shows a bullish price RSI divergence. Consequently, a break above daily high of $1223 would open doors for a rise to...
Resistance – $1230, $1236, $1249 Support – $1224.60, $1215.33, $1200 Doji formation on daily chart adds credence to a possibility of minor technical correction in gold, although prices failed near daily 5-MA in Asia. This if followed by a move below Asian session low of $1224.60 would open doors for a slide to daily 100-MA level of $1215.33. ...
Resistance - $1242.21, $1253, $1263 Support - $1223.24, $1212, $1200 Gold's sharp fall yesterday to $1223.33 pushed the 4-hr RSI into the oversold territory. The wave count structure also shows an extended third wave may have come to an end and a rebound from trend line (drawn from Feb 16 low-Mar 28 low) amid oversold RSI could translate into a rise to...