Gold rallied from the 2-months low yesterday. The market opened near 1771, and the selling accelerated at the US session opening. The price cleared the 1770 support and dipped all the way to a 2-months low near 1752 right after the US Fed. announcement. The gold price rebounded quickly thereafter, the day ended at 1776, up USD 6.
Gold has carried the selling momentum from the day before with the price touched 1752, completing the 1:1 target(1) of the 1770-92 range break. The rapid rebound has led the price back to the 1770-92(2) range before the day-end. If the price keeps the buying momentum from yesterday, it will be able to return to the top of the (2) range, 1792.
At the end of the day, gold has failed to clear the support in the 1760-70 zone(3). The closing price at 1774 has created a reversal signal(4) on the daily chart, this time should be strong enough to contend with the previous selling pressure (4.1). Back to the 1770-95 range, the upside target can be set the 100 days MA (6) again.
S-T Resistances:
1792-94
1788
1784
Market price: 1782
S-T Supports:
1778-80
1774
1768-70
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Gold has carried the selling momentum from the day before with the price touched 1752, completing the 1:1 target(1) of the 1770-92 range break. The rapid rebound has led the price back to the 1770-92(2) range before the day-end. If the price keeps the buying momentum from yesterday, it will be able to return to the top of the (2) range, 1792.
At the end of the day, gold has failed to clear the support in the 1760-70 zone(3). The closing price at 1774 has created a reversal signal(4) on the daily chart, this time should be strong enough to contend with the previous selling pressure (4.1). Back to the 1770-95 range, the upside target can be set the 100 days MA (6) again.
S-T Resistances:
1792-94
1788
1784
Market price: 1782
S-T Supports:
1778-80
1774
1768-70
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
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