The gold market was relatively slow yesterday with the price fluctuating within USD 17. It was trading between 1765-75 early during the Asian & European sessions, with the break of 1775(1) happened in the US session. The day ended at 1778.
The price hasn't changed much in the past 24 hours on the 1-hr chart. Before it breaks the resistance of 1783, the price should remain in the 1765-1783 zone.
Technically, the day-low 1762(2) yesterday on the daily chart can be classified as the pullback of the double-bottom breakout. While the pullback is now out-of-the-way, the upward movement is ready to resume. It was the first time in 2 months yesterday that the gold market closed above 1775(3), a sign of buying momentum accumulating. On the other hand, it is still under the resistance of (4), combining with the fact that gold is moving in tight daily ranges lately, it may take at least 2-3 days before the next major movement.
S-T Resistances:
1795
1790
1783
Market Price: 1781
S=T Supports:
1780
1775
1770
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The price hasn't changed much in the past 24 hours on the 1-hr chart. Before it breaks the resistance of 1783, the price should remain in the 1765-1783 zone.
Technically, the day-low 1762(2) yesterday on the daily chart can be classified as the pullback of the double-bottom breakout. While the pullback is now out-of-the-way, the upward movement is ready to resume. It was the first time in 2 months yesterday that the gold market closed above 1775(3), a sign of buying momentum accumulating. On the other hand, it is still under the resistance of (4), combining with the fact that gold is moving in tight daily ranges lately, it may take at least 2-3 days before the next major movement.
S-T Resistances:
1795
1790
1783
Market Price: 1781
S=T Supports:
1780
1775
1770
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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