The gold market was relatively quiet yesterday. The price has traded between 1710-1717 majority of the day until the US session. The buying has begun to enter the market after the releasing of the CPI figures. It then broke the key resistance 1720(1) & the day ended near day-high @ 1726. Buying momentum continues today early in the Asian session with the resistance line(2) broke. In the past 48 hours, a new S-T uptrend channel(3) has been formed. The price has already reached our S-T target, the 1735-40 resistance zone is now approaching.
The price is now reaching the M-T resistance line(4) on the daily chart. If resistance line(4) breaks, the next resistance will be at 1740(5) and the approaching 20 days MA(6). The bottom(7) for the L-T uptrend can now be confirmed after 2 days of rebound.
S-T Resistances:
1760
1750
1735-40
Market Price: 1731
S-T Supports:
1725-26
1720
1715
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The price is now reaching the M-T resistance line(4) on the daily chart. If resistance line(4) breaks, the next resistance will be at 1740(5) and the approaching 20 days MA(6). The bottom(7) for the L-T uptrend can now be confirmed after 2 days of rebound.
S-T Resistances:
1760
1750
1735-40
Market Price: 1731
S-T Supports:
1725-26
1720
1715
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
Gold needs to cross the 1740 resistance in the next few hours in order to remain in the S-T uptrend; otherwise, toward 1725 for the 1st target.