Gold rallied from the 1-week low yesterday. It opened at 1810, and it has started to slide after it touched the early high near 1815 in the Asian session. The price hit day-low 1795 at the US session opening and rebounded quickly back to day high. The market ended near 1812, up slightly by USD 2.
The price movement was in line with our expectations yesterday. Once it has broken the support at 1810(1), the price went all the way to the bottom of the range near 1795. Although the rebound happened rapidly at the US session, the price has traded within 1790-1815 overall. The gold price has been testing the 1815-18 resistance(3) in the Asian session today. If the price is able to clear the 1818 resistance, the next key price level will be the S-T resistance line(2); once line(2) is cleared, the price should be able to reach 1835 again or even a new high this time. But before that happen, 1790-1815 remains the range, and the resistance zone 1815-18 will still be in effect.
The M-T trend line (4) has been breached & the retracement targets(5) are both achieved. The uptrend that originated from the end of June is now over, expect the price to run in the zone (6) for now.
The rally(7) yesterday has formed a sign of bull on the daily chart, the buying momentum should be able to push the price to 1830 or higher, The 5 days MA is the resistance for now.
S-T Resistances:
1825
1818-20
1815
Market Price: 1814
S-T Supports:
1810
1805
1800
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The price movement was in line with our expectations yesterday. Once it has broken the support at 1810(1), the price went all the way to the bottom of the range near 1795. Although the rebound happened rapidly at the US session, the price has traded within 1790-1815 overall. The gold price has been testing the 1815-18 resistance(3) in the Asian session today. If the price is able to clear the 1818 resistance, the next key price level will be the S-T resistance line(2); once line(2) is cleared, the price should be able to reach 1835 again or even a new high this time. But before that happen, 1790-1815 remains the range, and the resistance zone 1815-18 will still be in effect.
The M-T trend line (4) has been breached & the retracement targets(5) are both achieved. The uptrend that originated from the end of June is now over, expect the price to run in the zone (6) for now.
The rally(7) yesterday has formed a sign of bull on the daily chart, the buying momentum should be able to push the price to 1830 or higher, The 5 days MA is the resistance for now.
S-T Resistances:
1825
1818-20
1815
Market Price: 1814
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!
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