Gold traded in a tight range yesterday. The market opened near 1782 early in the Asian session, and it has been trading in between 1780-88 before the US session opening. The price touched the day-low near 1775 at the session's opening, and the day finally ended unchanged near 1782.
The uptrend channel(1) on the 1-hour chart is still valid. Before the price breaks out from the zone between 1775-88(2), the resistance at 1788 will remain strong.
Selling pressure exists above 1780, as mentioned yesterday. Buying momentum seems to have slowed down at the moment. One day if the market closes above 1788, will be a sign of buying momentum picking up again. Pay close attention to the uptrend channel(4) as consolidation may happen at any time.
S-T Resistances:
1800
1794-96
1788
Market price: 1787
S-T Supports:
1780
1775
1770
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The uptrend channel(1) on the 1-hour chart is still valid. Before the price breaks out from the zone between 1775-88(2), the resistance at 1788 will remain strong.
Selling pressure exists above 1780, as mentioned yesterday. Buying momentum seems to have slowed down at the moment. One day if the market closes above 1788, will be a sign of buying momentum picking up again. Pay close attention to the uptrend channel(4) as consolidation may happen at any time.
S-T Resistances:
1800
1794-96
1788
Market price: 1787
S-T Supports:
1780
1775
1770
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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