Gold continued to pull back yesterday. The price traded in a tight range between 1850-56 early in the Asian and European sessions. The drop began once the price reached the day-high near 1857 at the US session opening. The price touched a day-low at 1840, with the day ending at 1841, down by USD 10.
An S-T downward trendline(1) has formed since the price touched the 2-weeks high of 1874 last week. If the price clears the selling pressure from trendline(1), expect the price to rebound toward 1860 in the short run. Overall, gold is still maintaining its range between 1830-70(2) on the 1-hour chart, waiting for the next break.
The pattern on the daily chart hasn't changed much, where gold is still mainly trading within +/-15 of 1850 since May 19th. Before the next break, can continue to take advantage of the 1835-65 range. Expect the USD to get strong and lower the gold price before the US Fed. Meeting next week, The 250 days MA(4) remains the key support at the downside.
S-T Resistances:
1865
1860
1850
Market price: 1843
S-T Supports:
1840
1835-37
1830
If you like our work, kindly give our team a thumbs p. Feel free to leave a comment; let us know what you think!
P. To
An S-T downward trendline(1) has formed since the price touched the 2-weeks high of 1874 last week. If the price clears the selling pressure from trendline(1), expect the price to rebound toward 1860 in the short run. Overall, gold is still maintaining its range between 1830-70(2) on the 1-hour chart, waiting for the next break.
The pattern on the daily chart hasn't changed much, where gold is still mainly trading within +/-15 of 1850 since May 19th. Before the next break, can continue to take advantage of the 1835-65 range. Expect the USD to get strong and lower the gold price before the US Fed. Meeting next week, The 250 days MA(4) remains the key support at the downside.
S-T Resistances:
1865
1860
1850
Market price: 1843
S-T Supports:
1840
1835-37
1830
If you like our work, kindly give our team a thumbs p. Feel free to leave a comment; let us know what you think!
P. To
P. To
Gold remained in a tight range yesterday. The day began at 1840; the buying orders came into the market once the price had touched the day-low early in the Asian session. The price gradually climbed toward the day-high near 1855 before the day's end. The market ended up closed at 1851, up by USD 11.
In the past 48 trading hours, the trading was bounded by a relatively tight range between 1840-60. Before a new structure is being developed on the 1-hour chart, can continue to take advantage of the overall 1830-70(2) pattern.
The overall structure hasn't changed much; still, the 1835-65 range is controlling the daily chart for the moment. Be patient for now.
S-T Resistance:
1865
1860
1850
Market price: 1848
S-T Supprots:
1840
1835-37
1830
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