Gold finally broke the 1820 resistance last Friday, however, the buying momentum is not as strong as expected. The price had traded between 1810-15 before the US session. Once the US released its employment figures, the price had instantly jumped to 1826 and went to day-high 1834 within 2 hours. The day ended near 1827, up by USD 18.
The gold price has reached our target of 1830 set early last week. Channel(1) can still provide a reference for the S-T trend. While the trend line(2) offers buying support in the next 48 hours and the resistance between 1833-35 remains strong, expect the price to trade between 1815-33(3) for now.
Gold has finally reached the top of the 1790-35 range(3) on the daily chart. Selling pressure above 1830(4) is strong like before. Until the price breaks this horizontal structure, continue to take advantage of the 1790-35 range. Major resistance remains at 1835.
S-T Resistnaces:
1840
1833-35
1830
Market price: 1825
S-T Supports:
1820
1815
1810
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The gold price has reached our target of 1830 set early last week. Channel(1) can still provide a reference for the S-T trend. While the trend line(2) offers buying support in the next 48 hours and the resistance between 1833-35 remains strong, expect the price to trade between 1815-33(3) for now.
Gold has finally reached the top of the 1790-35 range(3) on the daily chart. Selling pressure above 1830(4) is strong like before. Until the price breaks this horizontal structure, continue to take advantage of the 1790-35 range. Major resistance remains at 1835.
S-T Resistnaces:
1840
1833-35
1830
Market price: 1825
S-T Supports:
1820
1815
1810
If you like our work, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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