Gold continued to climb, but the daily range remained tight. The market opened around 1825, and the price was basically jumped in a tight range between 1825-28 throughout the Asian & European sessions. Once the volume has started to pick up at the US session, gold finally crossed the 1828(1) resistance and reached a new 2 week high at 1835. The day finally ended at 1832, up by USD 7.
Although the overall volume has been low in the past few days, gold has been able to keep its upward momentum after all. The support trendline(3) can still be used as a reference. After the price clears the resistance at 1828 yesterday, the next target should be at around 1842(2), with 1835 providing S-T resistance in early tradings.
The overall texture on the daily chart hasn't changed much since yesterday. Gold is still traveling on an uptrend without any reversal signal appearing for the moment. As mentioned yesterday, the price is now tangling within the resistance zone between 1830-35(4), the price will need to break out from 1835 in order to proceed to the next target, trendline (5) near 1842. The US inflation figures may hold the key.
S-T Resistances:
1850
1840-42
1835
Market price: 1833
S-T Supports:
1828
1825
1820
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Although the overall volume has been low in the past few days, gold has been able to keep its upward momentum after all. The support trendline(3) can still be used as a reference. After the price clears the resistance at 1828 yesterday, the next target should be at around 1842(2), with 1835 providing S-T resistance in early tradings.
The overall texture on the daily chart hasn't changed much since yesterday. Gold is still traveling on an uptrend without any reversal signal appearing for the moment. As mentioned yesterday, the price is now tangling within the resistance zone between 1830-35(4), the price will need to break out from 1835 in order to proceed to the next target, trendline (5) near 1842. The US inflation figures may hold the key.
S-T Resistances:
1850
1840-42
1835
Market price: 1833
S-T Supports:
1828
1825
1820
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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