Range-bound continued for gold yesterday. Although the price hit 1741 in the US session yesterday, it retraced quickly. The day ended @ 1731, with merely a 15 dollars trading range. The price should maintain within the S-T uptrend channel(1) before the FOMC meeting. And before any break through, the price should stay in 1700-1740 for the hourly chart. If the price break 1740 upward, channel(2) should be the next movement.
No surprise on the daily chart so far, while the price is maintaining its course within 1700-40. However, the retracement(3) before market closing yesterday can be interpreted as a reversal signal within the 1700-40 range.
S-T Resistances:
1760
1750
1740-41
Market Price: 1736
S-T Supports:
1735
1728-30
1722
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No surprise on the daily chart so far, while the price is maintaining its course within 1700-40. However, the retracement(3) before market closing yesterday can be interpreted as a reversal signal within the 1700-40 range.
S-T Resistances:
1760
1750
1740-41
Market Price: 1736
S-T Supports:
1735
1728-30
1722
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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