Gold wandered around the 5-months peak yesterday. The day had begun relatively high near 1866. In the Asian session, the price had carried the buying momentum from the previous day reached the day-high at 1872, and selling began thereafter. Gold touched day low 1854 at the US session, with the day ended near 1858 down by USD 8.
Gold is still trading within wedge(1) in the 1-hour chart. But the range has been narrowing down in the past 48 hours, adding a new triangle pattern(2) on top. Wait for the price to break out from the triangle, movement will accelerate toward the boundary of the wedge(1) once it happens.
Nothing changes on the daily chart as the price is still trading within the horizontal range(3), however, it is now heading toward the bottom of the range at the moment.
S-T Resistances:
1875
1868
1860-62
Market price: 1858
S-T Supports:
1855
1850
1845
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
Gold is still trading within wedge(1) in the 1-hour chart. But the range has been narrowing down in the past 48 hours, adding a new triangle pattern(2) on top. Wait for the price to break out from the triangle, movement will accelerate toward the boundary of the wedge(1) once it happens.
Nothing changes on the daily chart as the price is still trading within the horizontal range(3), however, it is now heading toward the bottom of the range at the moment.
S-T Resistances:
1875
1868
1860-62
Market price: 1858
S-T Supports:
1855
1850
1845
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
P. To @ 1uptick Analytic
