The gold market closed near the 8-month high yesterday. The trading day began at 1897 and the price has quickly jumped to a new recent high of 1908 early in the Asian session. However, the price has a drawback to below 1900 very soon, and it was traded between 1887-97 the majority of the day. Gold has finally cleared all the selling pressure at 1900(1) late in the trading day, with the day ending near 1903, up by USD 5.
Gold has defended the support level of 1900 early in the Asian session today after it escaped the horizontal trading zone(2) yesterday. The support trendline(3) is still valid while gold is still maintaining its upward momentum in the 1-hour chart. News from Ukraine is still dominating the S-T movement of gold price. If the price can break out from the resistance zone of 1908-10, the upside target can be set at near 1930.
A bullish signal(4) has occurred on the daily chart after gold has been able to close near day-high after early rallies for the past 2 days. If the price clears the resistance of 1900-08(5), the next upside target on the daily chart will be near 1950.
S-T Resistances:
1920
1915
1910
Market price: 1908
S-T Supports:
1903-00
1893
1888
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Gold has defended the support level of 1900 early in the Asian session today after it escaped the horizontal trading zone(2) yesterday. The support trendline(3) is still valid while gold is still maintaining its upward momentum in the 1-hour chart. News from Ukraine is still dominating the S-T movement of gold price. If the price can break out from the resistance zone of 1908-10, the upside target can be set at near 1930.
A bullish signal(4) has occurred on the daily chart after gold has been able to close near day-high after early rallies for the past 2 days. If the price clears the resistance of 1900-08(5), the next upside target on the daily chart will be near 1950.
S-T Resistances:
1920
1915
1910
Market price: 1908
S-T Supports:
1903-00
1893
1888
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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