Gold price is poised to retest the 2000 level. Keep a close eye on today's US Fed minutes.
Gold rallied from 1965 at the US session yesterday. The day began with a gap opened below 1980 yesterday. Throughout the Asian & European sessions, the price consolidated toward the day-low until the rebound occurred during the US trading session. The day eventually ended at 1977, marking a slight decrease of 3 US dollars.
1-hr chart - After breaking out of the upward channel yesterday, gold entered a sideways pattern, aligning with our expectations of trading within range(2). Following the rebound during the US session(1), the current operating range can be tuned from (2) to (2.1). The key resistance is currently the descending resistance line (3). If the price breaks out from (3), the S-T target can be set around 2000.
Daily chart - The upper wick(4) formed last Friday has generated an S-T bearish signal. However, the selling pressure has been totally absorbed by an equally sized lower wick(4.1), leading gold into a sideway pattern (4.3). The market is now focusing on the Fed. minutes scheduled to be released later on tonight. If the minutes contain any indications of the Fed. completing its interest hike, a new round of buying may be triggered. Once the price breaks out from the resistance line (5), the target above can be set at 2050 (7).
S-T Resistances:
2000
1995
1988-90
Market price: 1989
S-T Supports:
1985
1980
1974
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Gold rallied from 1965 at the US session yesterday. The day began with a gap opened below 1980 yesterday. Throughout the Asian & European sessions, the price consolidated toward the day-low until the rebound occurred during the US trading session. The day eventually ended at 1977, marking a slight decrease of 3 US dollars.
1-hr chart - After breaking out of the upward channel yesterday, gold entered a sideways pattern, aligning with our expectations of trading within range(2). Following the rebound during the US session(1), the current operating range can be tuned from (2) to (2.1). The key resistance is currently the descending resistance line (3). If the price breaks out from (3), the S-T target can be set around 2000.
Daily chart - The upper wick(4) formed last Friday has generated an S-T bearish signal. However, the selling pressure has been totally absorbed by an equally sized lower wick(4.1), leading gold into a sideway pattern (4.3). The market is now focusing on the Fed. minutes scheduled to be released later on tonight. If the minutes contain any indications of the Fed. completing its interest hike, a new round of buying may be triggered. Once the price breaks out from the resistance line (5), the target above can be set at 2050 (7).
S-T Resistances:
2000
1995
1988-90
Market price: 1989
S-T Supports:
1985
1980
1974
Kindly give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
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