Gold Trend 25/08

Gold reached a new weekly high yesterday. The market has traded in a tight range between 1800-05 throughout yesterday, with the price touched 1809 briefly at the US session.

The trading volume was quite thin in the past 24 hours. While the resistance was strong near 1810(1) yesterday, the market is now trading below 1793 broken the S-T support 1800(2) in the Asian session today. Notice, the overall structure hasn't changed as long as the price stay above the support zone 1790-93(3) on the 1-hour chart. Before an uptrend channel is officially formed, pattern(4) can still be used as a preliminary reference for now.

The gold price is still trading within the 1790-1835 zone. The upward momentum will remain dominant on the daily chart, as long as the price stays above 1790. The upside resistance is now at the 100 days MA(5).

S-T Resistances:
1805
1800
1797

Market price: 1794

S-T Supports:
1790-93
1780
1775

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