Weekly Technical and Fundamentals Analysis on Gold Price Trends
2010 Gold price quarterly trend past records (LLG)
2010 Q1 Q2 Q3 Q4 Quarterly Trend: Corrections Rally Corrections then Rally Rally 2010 Lowest Price USD1044.4 (Feb 10) 2010 Highest Price USD1431.3 (Dec 10) 2011 - Gold Price Quarterly Trends Records:
2011 January February March Q1 Market open price 1419.15 1332.60 1411.75 Corrections then rallied Month peak 1323.95 1418.25 1380.85 Month low 1307.45 1324.85 1447.70 Trend: Corrections Up Up 2011 April May June Q2 Market open price 1432.05 1568.50 1532.70 Rallied Month peak 1569.40 (30 April) 1576.6 (2 May) 1557.99 Month low 1412.75 1462.05 1490.43 Trend: Rally (Up 11%) Down UP Weekly gold price levels - September 2011 (spot gold LLG)
2011 5 - 9 Sept 12 - 16 Sept Market open 1877.2 1857.6 Market close 1852.6 1808 Peak 1919 1860 Low 1788.6 1760 Weekly Trend: Down Down
Weekly gold price trends analysis and forecast:
19 - 23 September 2011
Gold price was down and tested 1800
Last week (12-16 Sept 2011), gold price was down from 1852 to 1762. USD index rebounded to 77.5 as European banks bought US dollars. Gold price was under pressure, and fell almost 100 dollars. Last Friday, as Greece debts problems returned as the main focus, gold price saw a strong rebound and hit 1821.
This week (19-23 Sept 2011), gold price could be testing 1800 for support, and if gold price can break above 1826, then gold price could get back above 1845 and test 1860 resistance. Daily chart, RSI flat, MACD shows signs of weakness. Indicating that gold price lacks immediate strength to break into higher price levels of 1880-1900. If gold price cannot hold support at 1800, then could test 1750 support.
Weekly (19-23 Sept 2011) key resistance prices: 1830, 1850, 1880
Weekly key support prices: 1800, 1750, 17680
1 - 5 August 2011
Last week (25-29 July 11), gold price surged to new peak at 1632.7 as markets were concerned with the US talks unable to reach an agreement on raising debts ceiling before the deadline on the 2 August 2011. Also, weak US economic data raised hopes for a possible QE3 from the US Fed. Risk appetite for gold rose and pushed gold price to the new peak.
This week (1-5 August 11), daily chart shows OSC weakening, KD at over-bought area, RSI flat, indicating that gold price may lack momentum to move further above the 1632 resistance. Technical corrections could trigger sell-off and gold price could test 1600 support. As markets watch the developments in the US debts agreement, if US reaches an agreement before the 2 August 2011 deadline, then gold price could fall. If gold price could not hold support at 1600, then could fall further to test 1575 for support. Gold price could be trading between 1600-1630 mostly during the week of 1-5 August 2011.
Weekly support prices (1-5 Aug 11): 1600,1585,1570
Weekly resistance prices: 1633,1638,1650
27 June - 1 July 2011
Last week (20-24 June 11), gold price rose to USD1558 due to rising safe haven investment demand caused by Euro debts crisis. However, gold price was unable to stay above 1550 for long, and dropped sharply to 1498 as crude oil price fell sharply to recent low at USD89.5 per barrel. Profit taking actions triggered the sharp fall in gold price last week. Throughout most of June 2011, gold price was trading between 1500 – 1550.
This week (27 June – 1 July), weekly chart shows, KD weakening, RSI pointing at downside. Daily chart, MACD shows signs of further decline. Indicating that gold price faces resistance at higher price level at 1550 (which has been a strong recent resistance), and gold price could fall further to look for short-term support. Gold price could be testing 1500 for support, and if gold price fell below 1493, then could further test 100 day moving average of 1468.
Weekly key support prices (27/6 – 1/7): 1500, 1493, 1468
Weekly key resistance prices: 1513, 1526, 1550
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