Gold Trend 04/05

The Gold market yesterday,
Asian session: Opened near 1770 with the price has risen slowly
European session: Crossed the resistance at 1775, S-T rejected by 1780
US session: Buying momentum has picked up, broke the resistance at 1783 & 1790. Hit a near 2-months high of 1798. Market closed at 1792

Gold rose over 1% yesterday, but it was rejected by the previous high of 1798. So far, the resistance near 1800 is still strong and the trading range has now been shifted up from 1760-1790 to 1768-1798. Notice an S-T bullish signal appeared yesterday that Gold has broken the resistance line(1), the market may be in the progress of shifting from a range-bound to bull market. 48 hours before & after the US employment figure this Friday will be the key moment for any breakthrough.

Although the buying was strong yesterday, gold has yet to escape the daily chart's range-bound pattern. There may be a chance that the market carries the buying momentum from yesterday and break the 1800 resistance & 100 days MA(2) in the next 24 hours, but most likely the price will be stable in a range before the US employment figures on Friday. The M-T double bottom structure is still in place, the target reaching 1840 in the next 1-2 weeks remains unchange.

S-T Resistances:
1800
1793-97
1790

Market Price: 1787

S-T Supports:
1783
1780-78
1775

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