Gold rallied from a near 1-week low yesterday. The price had broken the support of 1790 early in the Asian session and the price had gone to as low as 1778 during the US Session. The price had rebounded to 1798 before the day ended near 1791. The day up slightly by USD 1.
Overall, the price movement was in line with our expectation yesterday, with the price traded between 1775-93 most of the time. Although the price was rejected by 1793 yesterday, it cleared the 1793 resistance early in the Asian session today(1). The price is now trending up in S-T. Channel (2) that was mentioned previously is now shifted to (2.1) by the day-low yesterday. The price is now testing the resistance at 1800. If the price can clear 1800(3), the next upside target should be near 1810.
The gold price closed above 1790 yesterday, successfully defended the horizontal structure 1790-1835(5) on the daily chart. A clear buying signal(4) has been formed by the 2 relatively long lower wick lines. The 100 days MA near 1810 is now the first target for the current surge.
S-T Resistances:
1815
1810
1805-07
Market price: 1801
S-T Supports:
1797
1790-93
1785
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Overall, the price movement was in line with our expectation yesterday, with the price traded between 1775-93 most of the time. Although the price was rejected by 1793 yesterday, it cleared the 1793 resistance early in the Asian session today(1). The price is now trending up in S-T. Channel (2) that was mentioned previously is now shifted to (2.1) by the day-low yesterday. The price is now testing the resistance at 1800. If the price can clear 1800(3), the next upside target should be near 1810.
The gold price closed above 1790 yesterday, successfully defended the horizontal structure 1790-1835(5) on the daily chart. A clear buying signal(4) has been formed by the 2 relatively long lower wick lines. The 100 days MA near 1810 is now the first target for the current surge.
S-T Resistances:
1815
1810
1805-07
Market price: 1801
S-T Supports:
1797
1790-93
1785
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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