Gold remained in a tight range yesterday. The price rallied from 1806 and touched a day-high 1819 at the US session, finished the day at 1813, nearly unchanged from the day before.
The climb to 1819 at the US session ended the 1830 drop from last Friday. A horizontal range, 1807-1818(2), has been created by the movement yesterday. An S-T support line(1) has formed in the past 24 hours. It will trigger a few selling orders if line(1) breaks.
Nothing change much in the past few trading days. Overall, the price is still trading in the 1790-1835 range(4) on the daily chart. At the same time, the price is successfully maintaining its path within the uptrend channel(3). As mentioned yesterday, just need to be patient, wait for the next M-T trend to develop.
S-T Resistances:
1830
1825
1815-18
Market price: 1813
S-T Supports:
1810
1805
1800
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The climb to 1819 at the US session ended the 1830 drop from last Friday. A horizontal range, 1807-1818(2), has been created by the movement yesterday. An S-T support line(1) has formed in the past 24 hours. It will trigger a few selling orders if line(1) breaks.
Nothing change much in the past few trading days. Overall, the price is still trading in the 1790-1835 range(4) on the daily chart. At the same time, the price is successfully maintaining its path within the uptrend channel(3). As mentioned yesterday, just need to be patient, wait for the next M-T trend to develop.
S-T Resistances:
1830
1825
1815-18
Market price: 1813
S-T Supports:
1810
1805
1800
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
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