Gold has carried the buying momentum from the rebound of the double bottom structure 48 hours ago, broke the key resistance of 1796-1800 yesterday. The buying has remained strong today hitting a new high of 1820 in the Asian session today. A reversal sign has yet to be seen on the 1-hr chart, the situation is pretty much the same as yesterday, the current climb will only be finished if the price breaks the S-T support line(1).
The long-awaited 1800 break-through has finally been here, 24 hours before the US employment figures. The bull is strong after the price has crossed both the resistance at 1800 and the 100 days MA. No reversal signal yet on the daily chart. Entering the final stage of the M-T double-bottom structure, the target 1830-40 should be reached within the expected time frame mentioned before. The 250 days MA should be the next target.
S-T Resistances:
1835
1828-30
1820
Market Price: 1819
S-T Supports:
1813
1807
1800
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The long-awaited 1800 break-through has finally been here, 24 hours before the US employment figures. The bull is strong after the price has crossed both the resistance at 1800 and the 100 days MA. No reversal signal yet on the daily chart. Entering the final stage of the M-T double-bottom structure, the target 1830-40 should be reached within the expected time frame mentioned before. The 250 days MA should be the next target.
S-T Resistances:
1835
1828-30
1820
Market Price: 1819
S-T Supports:
1813
1807
1800
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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