Trading volume remained low yesterday for Gold, traded within a tight 15 dollars range. The pattern remains the same in the hourly chart, range-bound between 1720-45. Today during the Asian session, the price tried to climb back upon 1740 level, but selling pressure has been strong near 1736(1). A new S-T uptrend channel(2) has been formed in the past 24 hours. A new round of S-T selling will be triggered if the price break the support of channel (2).
The price is currently resisted by the 5 & 10 days moving average near 1734-35 on the daily chart. The overall range-bound structure has not changed, the market is still awaiting for the breakout,
S-T Resistances:
1750
1745
1740
Market Price: 1735
S-T Supports:
1735
1728-30
1725
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The price is currently resisted by the 5 & 10 days moving average near 1734-35 on the daily chart. The overall range-bound structure has not changed, the market is still awaiting for the breakout,
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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