Summary
Gold gaps up to 3901 on Monday: the bounce meets resistance at 3912-3922, sell rallies below 3940
Monday opened at 3885.2 (Friday close 3875.7) and hit 3901.3, a bounce from deep oversold (H1-H4 RSI 22-28). D1, H4 and H1 still point down; H1 Tenkan 3912.7 and Friday's high 3923.9 cap it. Sell 3912-3922 or a clean break of 3868.
Key levels
- Resistance · Minor3,951.00
- Resistance · Minor3,944.00
- Resistance3,912.00 – 3,922.00
- Resistance · Minor3,901.00
- Now3,893.30
- Support · Minor3,883.00
- Support · Minor3,870.00
- Support3,850.00 – 3,856.00
- Support · Minor3,830.00
Timeframes
| Timeframe | Direction | Reading |
|---|---|---|
| D1 | Sitting on the lower bandMon 3885.2-3901.3 (Fri close 3875.7) on BB lower 3893.5; Tenkan 3998, Kijun 4049; MACD -73 < -58; RSI18 32.4RSI(18) 32.4MACD -73.01 / -58.09Tenkan 3998.14BB lower 3893.47 | Mon 3885.2-3901.3 (Fri close 3875.7) on BB lower 3893.5; Tenkan 3998, Kijun 4049; MACD -73 < -58; RSI18 32.4RSI(18) 32.4MACD -73.01 / -58.09Tenkan 3998.14BB lower 3893.47 |
| H4 | Oversold, bouncing off the lower band3885.2-3901.3, now 3893.5, above BB lower 3876; Tenkan 3951 / Kijun 3976.5; MACD -38.8 < -20.1; RSI18 27.5RSI(18) 27.5MACD -38.80 / -20.12Tenkan 3951.25BB lower 3876.00 | 3885.2-3901.3, now 3893.5, above BB lower 3876; Tenkan 3951 / Kijun 3976.5; MACD -38.8 < -20.1; RSI18 27.5RSI(18) 27.5MACD -38.80 / -20.12Tenkan 3951.25BB lower 3876.00 |
| H1 | Gap bounce under TenkanGap bar 3885.2-3901.3; Tenkan 3912.7, Kijun 3951.3; BB mid 3943.7, low 3849.8; MACD -35.0 < -29.8; RSI18 28.6RSI(18) 28.6MACD -34.99 / -29.77Tenkan 3912.72Kijun 3951.25 | Gap bar 3885.2-3901.3; Tenkan 3912.7, Kijun 3951.3; BB mid 3943.7, low 3849.8; MACD -35.0 < -29.8; RSI18 28.6RSI(18) 28.6MACD -34.99 / -29.77Tenkan 3912.72Kijun 3951.25 |
| M15 | Rebound testing Kijun 3897Open 3885.2, high 3901.3; at Kijun 3896.9, above BB mid 3883.4; MACD -9.3 > -14.0 rising; RSI18 44.5RSI(18) 44.5MACD -9.33 / -13.99Kijun 3896.93 | Open 3885.2, high 3901.3; at Kijun 3896.9, above BB mid 3883.4; MACD -9.3 > -14.0 rising; RSI18 44.5RSI(18) 44.5MACD -9.33 / -13.99Kijun 3896.93 |
Trade plan
3 scenarios are prepared for this analysis. Sign in (free) to see their entry, stop loss and targets while the analysis is valid. They become public once it expires.
- Primary · Sell
- Breakout · Sell
- Counter-trend · Buy
Watch out
- Asian Monday session: thin liquidity and wide spreads; the 3875.7-3885.2 gap is still open and can be filled first
- H1-H4 RSI 22-28: short-covering bounces can be sharp, do not chase sells near 3880 and keep size small
- Busy US week: ISM manufacturing tonight (22:00 Vietnam time), US midterm elections on Tuesday, jobs report (NFP) on Friday
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