Gold closed @ 1735 after hitting a near 1-month high @ 1755 yesterday. It has carried the buying momentum from the US FOMC meeting in the early Asian session, broke the key support of 1740(1). However, the buying can't sustained while the US bond yield was jumping up strongly. The price crossed the 1740(2) support and the strong selling led the price to a weekly low below 1720 during the US session.
Today, the price is once again trading below the key resistance of 1740. Before the next major move, the price should range-bound within 1720-40(4) just like the past few days. The uptrend channel(3) is still valid, where the bottom support of the channel is now approaching 1740, expect a breakout within the day.
It seem like gold may need to take a little bit longer time for its price to jump above 1760, as the market was showing strong selling pressure near the pervious peak of 1759(5) yesterday; buying was also strong near 1720 level, where the M-T support line (6) is still valid. We can expect a range-bound within zone (7) in coming days, until the overall global market condition shifts.
S-T Resistances:
1750
1740
1735
Market Price: 1731
Market Supports:
1726
1720
1715
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Today, the price is once again trading below the key resistance of 1740. Before the next major move, the price should range-bound within 1720-40(4) just like the past few days. The uptrend channel(3) is still valid, where the bottom support of the channel is now approaching 1740, expect a breakout within the day.
It seem like gold may need to take a little bit longer time for its price to jump above 1760, as the market was showing strong selling pressure near the pervious peak of 1759(5) yesterday; buying was also strong near 1720 level, where the M-T support line (6) is still valid. We can expect a range-bound within zone (7) in coming days, until the overall global market condition shifts.
S-T Resistances:
1750
1740
1735
Market Price: 1731
Market Supports:
1726
1720
1715
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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