The gold's surge continued yesterday, but the daily range was tight. The market opened near 1821, and the price has been consolidating toward day-low 1815 during the Asian & European sessions early in the trading day. Once gold entered the US session, the market became a bit more active, breaking the S-T resistance and the previous day-high 1822(1). The price has reached a new day-high at 1828 before the days ended at 1825.
While the price approached the key resistance at 1828, the target that we have set 48 hours ago was reached yesterday. On the 1-hour chart, if the price can break out from 1828(2), the next upside target can be set at 1842. However, the market may need to take a few more time to clear all the selling orders around 1828, as the trading volume and fluctuations are relatively low in the last 24 hours. Before 1828(2) is breached, expect the price to be bounded by the 1815-28(4) range.
In the past 6 months, the resistance at 1830-35(5) on the daily chart is quite effective on the daily chart. Same as yesterday, a bearish reversal has yet to appear, but, unless the price can successfully clear the 1835(5) barrier, it may be a good time now to plan for some bearish actions.
S-T Resistances:
1835
1832
1828
Market price: 1827
S-T Resistances:
1825
1820
1815
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While the price approached the key resistance at 1828, the target that we have set 48 hours ago was reached yesterday. On the 1-hour chart, if the price can break out from 1828(2), the next upside target can be set at 1842. However, the market may need to take a few more time to clear all the selling orders around 1828, as the trading volume and fluctuations are relatively low in the last 24 hours. Before 1828(2) is breached, expect the price to be bounded by the 1815-28(4) range.
In the past 6 months, the resistance at 1830-35(5) on the daily chart is quite effective on the daily chart. Same as yesterday, a bearish reversal has yet to appear, but, unless the price can successfully clear the 1835(5) barrier, it may be a good time now to plan for some bearish actions.
S-T Resistances:
1835
1832
1828
Market price: 1827
S-T Resistances:
1825
1820
1815
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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