Gold remained in a tight range yesterday, traded within 1772-88 most of the day, slightly down by USD2. The pattern hasn't changed much on the 1-hr chart, the range-bound strategy of 1772-1790 is still good. A new S-T resistance line(1) has been formed, price will once again touch 1790-94 once its breach.
Selling pressure is accumulating as the price always pullback to below 1780 before closing in the past 2 days(2) on the daily chart. It will trigger a new round of selling if the price breaks the 1770 support; Major resistance remains the 100 days Ma.
S-T Resistances:
1790
1785-86
1780
Market price: 1779
S-T supports:
1772-73
1768
1760
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Selling pressure is accumulating as the price always pullback to below 1780 before closing in the past 2 days(2) on the daily chart. It will trigger a new round of selling if the price breaks the 1770 support; Major resistance remains the 100 days Ma.
S-T Resistances:
1790
1785-86
1780
Market price: 1779
S-T supports:
1772-73
1768
1760
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
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