Gold rallied from the new 2-month low yesterday. The market opened at 1809. The price has started to sink after reaching the early day-high near 1817 in the Asian session. The new 2-month low near 1786 was touched before the European session, and once the European market became active, the price rebounded. The market has gone to as high as 1826 during the US trading, with the day ending near 1823, up by USD 12.
As mentioned yesterday, the much steeper bearish trend(1) would be hard to sustain if no additional selling was available in the past 12 hours. Once the selling momentum slowed down yesterday, the piece climbed back to above the resistance line(1), triggering a new round of buying on the 1-hour chart. The resistance line(2) is still ineffective, expect the price to maintain within the triangle pattern(3) for now. If the price breakout from the trendline(2), S-T range-bound trading between 1800-30 will be next.
A reversal signal(5) has finally appeared on the daily chart. If the price can escape the downtrend channel (6), the next target will be the 100 days MA(7).
S-T Resistances:
1840
1835
1830-28
Market price: 1823
S-T Supports:
1820
1815
1808-10
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P. To
As mentioned yesterday, the much steeper bearish trend(1) would be hard to sustain if no additional selling was available in the past 12 hours. Once the selling momentum slowed down yesterday, the piece climbed back to above the resistance line(1), triggering a new round of buying on the 1-hour chart. The resistance line(2) is still ineffective, expect the price to maintain within the triangle pattern(3) for now. If the price breakout from the trendline(2), S-T range-bound trading between 1800-30 will be next.
A reversal signal(5) has finally appeared on the daily chart. If the price can escape the downtrend channel (6), the next target will be the 100 days MA(7).
S-T Resistances:
1840
1835
1830-28
Market price: 1823
S-T Supports:
1820
1815
1808-10
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
