Gold traded within a tight USD 15 range yesterday. The price broke the 1800 support early in the Asian session and has fallen all the way to the day-low near 1795 during the European session. The rebound to day-high has begun once the US session became active. The market ended at 1806, up slightly by USD2.
Nothing has changed so far in the 1-hr chart, the price is still maintaining its path within 1795-1815(4). Since the price has failed to break the bottom of 1795 in the past 2 days, S-T buying momentum begins to accumulate. If the price breaks the current S-T resistance at 1807(2), it should be able to touch again the top of the trading range. Notice, the downward resistance line(3)is still valid.
The daily closing prices are still bounded by a tighter range of 1802-1813 on the daily. Until it breaks this pattern, the gold price should continue to trade in the 1795-1825 zone.
S-T Resistances:
1815
1810
1807
Market price: 1804
S-T supports:
1800
1795
1790
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Nothing has changed so far in the 1-hr chart, the price is still maintaining its path within 1795-1815(4). Since the price has failed to break the bottom of 1795 in the past 2 days, S-T buying momentum begins to accumulate. If the price breaks the current S-T resistance at 1807(2), it should be able to touch again the top of the trading range. Notice, the downward resistance line(3)is still valid.
The daily closing prices are still bounded by a tighter range of 1802-1813 on the daily. Until it breaks this pattern, the gold price should continue to trade in the 1795-1825 zone.
S-T Resistances:
1815
1810
1807
Market price: 1804
S-T supports:
1800
1795
1790
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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