Gold rallied from the weekly low yesterday. The price traded between 1805-10 throughout the Asian session. It has touched day-high 1813 right before the European session opening, and the fall began. Once it broke the S-T supports line(1), the price has gone all the way to 1795. The day ended at 1804, down slightly by USD3.
The structure has changed much on the 1-hour chart. As mentioned at the beginning of the week, the price is now back to the horizontal range of 1790-1815(2). After the price supported at 1795 yesterday, the bottom of the range will now change to 1795. Once again, for the upside, if the price crosses the S-T resistance line(1), it should again revisit the top of the range.
The trend remains within 1795-1825(5) on the daily chart, and the price is currently supported by the 20 days MA. The daily market closing price has been staying within 1802-1813(6) for the past few trading days. It will be the initial step for a trend shifting if the daily closing price ends outside of zone(6).
S-T Resistances:
1810
1805
1800
Market Price: 1798
S-T Supports:
1794-5
1790
1785
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The structure has changed much on the 1-hour chart. As mentioned at the beginning of the week, the price is now back to the horizontal range of 1790-1815(2). After the price supported at 1795 yesterday, the bottom of the range will now change to 1795. Once again, for the upside, if the price crosses the S-T resistance line(1), it should again revisit the top of the range.
The trend remains within 1795-1825(5) on the daily chart, and the price is currently supported by the 20 days MA. The daily market closing price has been staying within 1802-1813(6) for the past few trading days. It will be the initial step for a trend shifting if the daily closing price ends outside of zone(6).
S-T Resistances:
1810
1805
1800
Market Price: 1798
S-T Supports:
1794-5
1790
1785
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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