Gold was bounded by a tight range yesterday. The market opened at 1853. The price has rallied toward the day-low at 1839 prior to the US session, similar to intraday movement from the day before, and the price rebounded to 1850 to end the day.
Gold has gradually escaped the uptrend channel(1) on the 1-hour chart. Entered a range-bound of 1840-70(2), a mini-double bottom pattern(3) has formed in the past 48 hours. If the price clears the neckline at 1855, the S-T target will be at 1866.
Gold has successfully defended the 1850(4) support for two consecutive days. Unless the price can close below 1850 and break the 250 days MA further down, the trend stays upward with the target remaining at the 100 days MA(5).
S-T Resistances:
1870-72
1865
1860
Market price: 1853
S-T Supports:
1850
1845
1837-35
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Gold has gradually escaped the uptrend channel(1) on the 1-hour chart. Entered a range-bound of 1840-70(2), a mini-double bottom pattern(3) has formed in the past 48 hours. If the price clears the neckline at 1855, the S-T target will be at 1866.
Gold has successfully defended the 1850(4) support for two consecutive days. Unless the price can close below 1850 and break the 250 days MA further down, the trend stays upward with the target remaining at the 100 days MA(5).
S-T Resistances:
1870-72
1865
1860
Market price: 1853
S-T Supports:
1850
1845
1837-35
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
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