Gold rebounded over USD22 yesterday, recovered all the drop from the day before. Early in the Asian session, the price was rejected by 1678, the second time in 24 hours, leading it to break the S-T resistance line(1) before the European session, escaping the downward trend entering a period of range-bound between 1682-88. During the US session, the price started to jump(2) all the way to 1715 non-stop ending the day at 1712.
Before any break through, can take advantage of the S-T range bound while Gold is currently trading within of 1705-15.
After the past 24 critical hours, Gold is now standing firmly above 1680. As mentioned yesterday, the price will now entering a period of range-bound 1680-1750 on the daily chart. At the same time, a double-bottom(3) is under development at a early stage, with neckline near 1750. Some buying momentum should follow through today after yesterday's jump, upper resistance is now at 1720 & the 20 days MA.
S-T Resistances:
1728-30
1725
1720
Market Price: 1712
S-T Supports:
1710
1705
1700
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
Before any break through, can take advantage of the S-T range bound while Gold is currently trading within of 1705-15.
After the past 24 critical hours, Gold is now standing firmly above 1680. As mentioned yesterday, the price will now entering a period of range-bound 1680-1750 on the daily chart. At the same time, a double-bottom(3) is under development at a early stage, with neckline near 1750. Some buying momentum should follow through today after yesterday's jump, upper resistance is now at 1720 & the 20 days MA.
S-T Resistances:
1728-30
1725
1720
Market Price: 1712
S-T Supports:
1710
1705
1700
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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