A perfect time to trade range-bound !
Gold remained range-bound yesterday with a merely 21 dollar range. It opened high at 1747, fell to 1728 during the European session and rebound toward 1740 at the US session. The day ended at 1738.
The support of the uptrend channel(1) has finally been broken on the hourly chart, signaling the end of the climb originated from Mar. 09 & the official beginning of a range-bound period. A S-T support line(3)has formed since the price hit 1720 last week, and the resistance line(2) is still valid.
Nothing has changed, 1725-1750 is still the range on the daily chart.
S-T Resistances:
1750
1745
1740
Market Price: 1735
S-T Supports:
1735
1728-30
1725
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
Gold remained range-bound yesterday with a merely 21 dollar range. It opened high at 1747, fell to 1728 during the European session and rebound toward 1740 at the US session. The day ended at 1738.
The support of the uptrend channel(1) has finally been broken on the hourly chart, signaling the end of the climb originated from Mar. 09 & the official beginning of a range-bound period. A S-T support line(3)has formed since the price hit 1720 last week, and the resistance line(2) is still valid.
Nothing has changed, 1725-1750 is still the range on the daily chart.
S-T Resistances:
1750
1745
1740
Market Price: 1735
S-T Supports:
1735
1728-30
1725
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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