Carrying the uplifting momentum from last Friday, gold price was up by 4 dollar yesterday, but trading within a tight 13 dollar range. No change on the S-T trend where the price is still bounding within 1700-40. A S-T resistance line(1) has newly been formed in the past 48 hours. If the key resistance @ 1740 is broken, the uptrend channel(2) will be the next movement target.
Gold price closed above the M-T resistance line(3) yesterday on the daily chart. But with the relatively weak volume yesterday, the market may need another 1-2 days before a bullish M-T trend is confirmed.
S-T Resistances:
1750
1740
1735
Market Price: 1731
S-T Supports:
1726
1720
1715
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Gold price closed above the M-T resistance line(3) yesterday on the daily chart. But with the relatively weak volume yesterday, the market may need another 1-2 days before a bullish M-T trend is confirmed.
S-T Resistances:
1750
1740
1735
Market Price: 1731
S-T Supports:
1726
1720
1715
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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