Gold eased off 2-months high yesterday, It was bounded between 1775-1781 early in the Asian session, and hit the 2-months high 1790 in the European session. The price began to fall thereafter, touching day-low 1765 with the day ended at 1770.
In M-T, Gold is still trading within the uptrend channel(1). However, the price has escaped the S-T support line(2), the uplifting momentum from 1736 is now officially completed. After the price broke the support 1775(3) yesterday, the market will now enter an S-T period of 1765-1775 range-bound, and the range may be widened to 1760-1783 in the next 48 hours.
Gold is now trading under the M-T resistance line(4). While the price has been rejected by 1780 in the past 2 days, a reversal signal(5) is currently forming on the daily chart. As mentioned yesterday, a technical pull-back toward 1760-50 is due after the break of the double bottom's neckline last week.
S-T Resistances:
1780
1775
1770
Market Price: 1769
S-T Supports:
1767
1762-60
1755
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In M-T, Gold is still trading within the uptrend channel(1). However, the price has escaped the S-T support line(2), the uplifting momentum from 1736 is now officially completed. After the price broke the support 1775(3) yesterday, the market will now enter an S-T period of 1765-1775 range-bound, and the range may be widened to 1760-1783 in the next 48 hours.
Gold is now trading under the M-T resistance line(4). While the price has been rejected by 1780 in the past 2 days, a reversal signal(5) is currently forming on the daily chart. As mentioned yesterday, a technical pull-back toward 1760-50 is due after the break of the double bottom's neckline last week.
S-T Resistances:
1780
1775
1770
Market Price: 1769
S-T Supports:
1767
1762-60
1755
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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