Gold has carried the buying momentum from the day before, it surged to day high 1740 in the European session yesterday. The price then started to consolidate during the US session, broke the S-T uptrend channel(1). It fell to day-low 1720 & ended the day at 1722. Gold price has escaped the S-T uptrend channel (1) signaling the completion of its climb from 1680. In the past 24 hours, a new S-T resistance line(2) has just been formed, downward momentum will continue until this line(2) being broken.
The price hit day-high 1740 and closed at 1722 yesterday. Serving as a reversal signal, a upper shadow line(3) of over 18 dollars has been formed on the daily chart. Selling pressure will remain in the market today. At the same time, gold was rejected by the M-T resistance line(4), the M-T downtrend will continue for gold. The price is now supporting at the 5 & 10 days MA(5) + the bottom support of 1705 zone.
S-T Resistances:
1730-31
1727
1720-22
Market Price: 1718
S-T Supports:
1713
1710
1705
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
The price hit day-high 1740 and closed at 1722 yesterday. Serving as a reversal signal, a upper shadow line(3) of over 18 dollars has been formed on the daily chart. Selling pressure will remain in the market today. At the same time, gold was rejected by the M-T resistance line(4), the M-T downtrend will continue for gold. The price is now supporting at the 5 & 10 days MA(5) + the bottom support of 1705 zone.
S-T Resistances:
1730-31
1727
1720-22
Market Price: 1718
S-T Supports:
1713
1710
1705
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To @ 1uptick Analytic
