Gold Trend 07/04

Gold finally reached the 1745 target yesterday; the day opened @ 1728 and it has touched the early high @ 1738 during the European session. It broke the key resistance of 1736(1) at the US session & hitting day high. The day ended @ 1743.

The upward trend pattern from 1678 has been finished this morning while the price has escaped the support line(2). Expect the buying momentum to slow down for now & the price should trades in between 1736-45 in S-T; meanwhile, the range will be widened to 1720-45 if the price break the support at 1736 in the next 48 hours.


The double-bottom pattern on the daily chart is still under development with the price touched 1745 yesterday to finish the first phase. In order to complete the pattern, the price should now retrace toward 1725 & begin the second round of rebound to 1750 for a break toward 1820; if the price cannot pass the resistance of 1750 in the next 2 weeks, gold price will remain within 1680-1750 for range-bound.

S-T Resistances:
1750
1745
1740-42

Market Price: 1738

S-T Supports:
1736
1730-28
1722-20

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