Gold gained slightly yesterday. The price has traded between 1788-90 early in the Asian session, and the climb has started at the European session. It reached the day-high 1801 right before the US session opening. The price visited again at the low 1784 with the day ended at 1793.
The ECB meeting has accelerated the movement on the 1-hour chart. As mentioned yesterday, the buying support has stayed strong below 1785(1). An S-T bottom has been formed after twice the price touched 1784. If the price can break out from the current resistance 1800(2), 1793-1815 will become the range for the next 48 hours.
The horizontal pattern seems easier to identify after the price has successfully defended the 1790 support on the daily chart. As the price began to rebound from the bottom of the 1790-1835 (4)range, the price can once again aim at the top of the range.
S-T Resistances:
1815
1810
1805
Market price: 1801
S-T Supports:
1800
1797
1793-90
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The ECB meeting has accelerated the movement on the 1-hour chart. As mentioned yesterday, the buying support has stayed strong below 1785(1). An S-T bottom has been formed after twice the price touched 1784. If the price can break out from the current resistance 1800(2), 1793-1815 will become the range for the next 48 hours.
The horizontal pattern seems easier to identify after the price has successfully defended the 1790 support on the daily chart. As the price began to rebound from the bottom of the 1790-1835 (4)range, the price can once again aim at the top of the range.
S-T Resistances:
1815
1810
1805
Market price: 1801
S-T Supports:
1800
1797
1793-90
If you like our work, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
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