Gold finally broke the 1745-50 resistance zone, however, the overall trading volume wasn't strong. The price opened at 1736 yesterday, it crossed the key resistance of 1745(1) during the European session. Then it climbed further breaking the resistance at 1750 at the US session opening and went all the way to a monthly high at 1758. The day ended at 1755.
Technically, gold was rejected by the peak of Mar. 18 at 1755(2) yesterday. And it is now due to an S-T consolidation, toward a newly formed S-T support line(3). Although the price broke the resistance zone of 1745-50, the trading volume yesterday didn't seem strong enough to support further climb. There is a chance that the price may consolidate toward 1745 or even lower before it goes up again.
Gold continued to push higher breaking the key resistance of 1750 on the daily chart, and the price is now entering a 'sensitive' zone between 1750-60(4). With the relatively weak volume, seem like the gold price may need to spend some time between 1750-60 before it can escape the zone. The 50 days Ma is also providing resistance on the daily chart for now.
S-T Resistances:
1765-68
1760
1755-57
Market Price: 1752
S-T Supprots:
1750
1745
1740
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
Technically, gold was rejected by the peak of Mar. 18 at 1755(2) yesterday. And it is now due to an S-T consolidation, toward a newly formed S-T support line(3). Although the price broke the resistance zone of 1745-50, the trading volume yesterday didn't seem strong enough to support further climb. There is a chance that the price may consolidate toward 1745 or even lower before it goes up again.
Gold continued to push higher breaking the key resistance of 1750 on the daily chart, and the price is now entering a 'sensitive' zone between 1750-60(4). With the relatively weak volume, seem like the gold price may need to spend some time between 1750-60 before it can escape the zone. The 50 days Ma is also providing resistance on the daily chart for now.
S-T Resistances:
1765-68
1760
1755-57
Market Price: 1752
S-T Supprots:
1750
1745
1740
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
