Gold rallied from the 1-month low yesterday. It has traded below 1760 early in the Asian & European session, and the climb began at the US session. Once the price broke the 1764 early high, it went all the way to 1774, with the day ended at 1769.
The ST movement so far is in line with our expectations, where the price once again touched the bottom of the downtrend channel(1.1) yesterday & rebounded. It has broken the ST resistance line(2) early in the Asia session today, and it's on its way to the top of the channel(1).
On the daily chart, a bottom(3) has been formed by the price failing to close below 1760 on the daily chart. The selling momentum from the escape of the 1770-90 range the day before has now totally reversed. If the price can close above 1780 in the next 24 hours, an uptrend on the daily chart may kick-off.
From a longer perspective, seems like the price has started to rebound without touching the MT support line(4). If an uptrend can be confirmed on the daily chart in the next few trading days, it may be a perfect time to catch an MT rebound toward the upside resistance line(5).
S-T Resistances:
1790
1785-86
1780
Market price: 1778
S-T Supports:
1772-73
1768
1760
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The ST movement so far is in line with our expectations, where the price once again touched the bottom of the downtrend channel(1.1) yesterday & rebounded. It has broken the ST resistance line(2) early in the Asia session today, and it's on its way to the top of the channel(1).
On the daily chart, a bottom(3) has been formed by the price failing to close below 1760 on the daily chart. The selling momentum from the escape of the 1770-90 range the day before has now totally reversed. If the price can close above 1780 in the next 24 hours, an uptrend on the daily chart may kick-off.
From a longer perspective, seems like the price has started to rebound without touching the MT support line(4). If an uptrend can be confirmed on the daily chart in the next few trading days, it may be a perfect time to catch an MT rebound toward the upside resistance line(5).
S-T Resistances:
1790
1785-86
1780
Market price: 1778
S-T Supports:
1772-73
1768
1760
If you like our analysis, please give our team a thumbs up. Thank you! Welcome to leave a message for exchange.
P. To
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