Gold rose over 2% yesterday. The market began near 1680 level, the price then broke the upper resistance(1) of the downward triangle pattern in the European session and escaped the resistance zone 1700-05 in the US session. The price touched day-high @ 1720 with the day ended at 1715. Gold has finally left the downward triangular pattern originated from 1759, the S-T downward trend is now came to an end. Aiming a range bound between 1690-1720 as a start for S-T; if the price break the resistance 1720, the trend will turn upward for S-T.
The long awaited bottom-out signal has finally appeared yesterday on the daily chart as the price closed well above the day-high and opening price of the previous trading day. If the price can cross the resistance 1720, the M-T resistance line(4) will be the next target. For the L-T trend, the price is once again standing above the L-T support line(3), the L-T down trend needs further development to be confirmed. The 10 days MA is the next resistance on the daily chart for now.
S-T Resistances:
1735
1727
1718-20
Market Price: 1712
S-T Supports:
1710
1705-00
1695
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
The long awaited bottom-out signal has finally appeared yesterday on the daily chart as the price closed well above the day-high and opening price of the previous trading day. If the price can cross the resistance 1720, the M-T resistance line(4) will be the next target. For the L-T trend, the price is once again standing above the L-T support line(3), the L-T down trend needs further development to be confirmed. The 10 days MA is the next resistance on the daily chart for now.
S-T Resistances:
1735
1727
1718-20
Market Price: 1712
S-T Supports:
1710
1705-00
1695
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
