Gold continued to climb yesterday. It was under pressure by the 1780 resistance early in the Asian and European session. The price has climbed all the way to day-high 1789 right after it touched day-low at 1770 at the US session opening. The day ended at 1786, up slightly by USD 7.
Gold has completed the 1790 target from yesterday. The upward momentum seems to have accelerated from the support line(2) to a steeper support line(2.1). The price is testing the resistance zone 1790-93(1) for now, if the price can break out from this zone, the next target can be set at 1830(3).
The buying has been strong in the past few trading days since it breaks the 1760 resistance on the daily chart. It is now back to the 1790-1835 zone. If the price can break the neckline(4) of the previous double-top, the M-T target can be set at 1835.
S-T Resistance:
1807
1800
1797
Market price: 1791
S-T Supports:
1790
1780-82
1775
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Gold has completed the 1790 target from yesterday. The upward momentum seems to have accelerated from the support line(2) to a steeper support line(2.1). The price is testing the resistance zone 1790-93(1) for now, if the price can break out from this zone, the next target can be set at 1830(3).
The buying has been strong in the past few trading days since it breaks the 1760 resistance on the daily chart. It is now back to the 1790-1835 zone. If the price can break the neckline(4) of the previous double-top, the M-T target can be set at 1835.
S-T Resistance:
1807
1800
1797
Market price: 1791
S-T Supports:
1790
1780-82
1775
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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