Gold had carried the selling momentum from the day before, consolidated further yesterday. The price had kept moving lower after the market opened at 1800 and touched the day-high early in the Asian session. It sunk to the bottom 1788 late in the US session ended the day at 1790.
As mentioned yesterday, gold has entered an S-T consolidating period after it escaped Trendline(1). In the past 48 hours on the 1-hour chart, a new resistance line(2) has been formed, however, selling doesn't seem to be strong so far as it has been trying to stay below 1792 earlier in the Asian session today. The key in the next 24 hours is whether the price can jump over the resistance line(2). If the price stays above 1792 later on today in the US session, a new uptrend channel(3) will be formed.
From a wider perspective, a rounding bottom(4) is currently developing in the 1-hour chart. The pattern will further progress if the price stays above 1780 in the next 48 hours and the pattern's target can be set at 1835 once it's complete.
Carried the selling momentum from last Friday, gold is now once again touching 1790. While the price closed near day-low yesterday, the market is not showing any bottoming out signal on the daily chart, still need to prepare for the price to consolidate a bit further.
S-T Resistnnces:
1800-03
1797
1792
Market price: 1791
S-T Supprots:
1788
1782-80
1777
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As mentioned yesterday, gold has entered an S-T consolidating period after it escaped Trendline(1). In the past 48 hours on the 1-hour chart, a new resistance line(2) has been formed, however, selling doesn't seem to be strong so far as it has been trying to stay below 1792 earlier in the Asian session today. The key in the next 24 hours is whether the price can jump over the resistance line(2). If the price stays above 1792 later on today in the US session, a new uptrend channel(3) will be formed.
From a wider perspective, a rounding bottom(4) is currently developing in the 1-hour chart. The pattern will further progress if the price stays above 1780 in the next 48 hours and the pattern's target can be set at 1835 once it's complete.
Carried the selling momentum from last Friday, gold is now once again touching 1790. While the price closed near day-low yesterday, the market is not showing any bottoming out signal on the daily chart, still need to prepare for the price to consolidate a bit further.
S-T Resistnnces:
1800-03
1797
1792
Market price: 1791
S-T Supprots:
1788
1782-80
1777
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
P. To
