Gold rallied from the bottom of the uptrend channel yesterday. The price had been weakening after the market opened near 1792 early in the Asian session. The price had begun its rebound after it bottomed out at 1782 during the European session. The day-high had touched 1798, with the day ending at 1796 up by USD 4.
Buying orders started to enter the market after the price touched the bottom of the uptrend channel(1) yesterday. A mini-double bottom pattern(2) has formed yesterday and was completed early in the Asian session today. As mentioned yesterday, the resistance line(3) is still valid in S-T. Expect the price to maintain its path with 1788-1813(4), with 1800 as the middle barrier.
The gold is still running within the uptrend channel(6) on the daily chart. After the price touched the lows near 1780 in the last 2 trading days, a bottom-out signal has appeared(5). The 250 days MA(7) will be the key resistance for today.
S-T Resistance:
1810-13
1805
1800
Market price: 1798
S-T Supports:
1793
1788
1780
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Buying orders started to enter the market after the price touched the bottom of the uptrend channel(1) yesterday. A mini-double bottom pattern(2) has formed yesterday and was completed early in the Asian session today. As mentioned yesterday, the resistance line(3) is still valid in S-T. Expect the price to maintain its path with 1788-1813(4), with 1800 as the middle barrier.
The gold is still running within the uptrend channel(6) on the daily chart. After the price touched the lows near 1780 in the last 2 trading days, a bottom-out signal has appeared(5). The 250 days MA(7) will be the key resistance for today.
S-T Resistance:
1810-13
1805
1800
Market price: 1798
S-T Supports:
1793
1788
1780
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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