Gold Trend 23/04

Gold was not able to stay above 1790 yesterday. Carrying the uplifting momentum from the day before, the gold price hit the previous high of 1797 early in the Asian session. Since then, the price has kept rolling lower, broke the S-T support line(1) in the European session, and fell all the way to day-low 1775. The day ended at 1783.

The upward momentum winded up on the daily chart yesterday as the price broke the S-T support line(1). In the past 24 hours, the buying above 1790 is not strong enough to keep the price near the 2 months high level. While the price is now trading below 1790, it may take days for the market to accumulate momentum to break the 1797-1800 resistance. 1775-1790 may be the range-bound for today.


The uptrend may slow down for now as the price has not been able to break the previous high of 1797 and closed below 1790 yesterday. A reversal signal has yet to be verified. In order to confirm a bearish reversal on the daily chart, the gold needs to close below 1778 in the next 24 hours. Target 1760-65 if a reversal is established; otherwise, 1775-1790 should be the range for now.

S-T Resistances:
1800-04
1793-97
1790

Market price: 1787

S-T Resistance:
1780
1775
1770

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