Gold edged to a 3-1/2 high near 1868 yesterday, the price has broken the key resistance at 1843 early in the Asian session and the momentum carried on at the US session pushing the price to the peak at 1868.
The price has touched our target @ 1874 during the Asian session today, the S-T 1:1 range(1) after breaking 1843 is basically completed. Gold is still staying above the S-T support line(2) maintaining its course upward. In order to keep the momentum up, Gold needs to break the 1874-75 resistance in the next 24 hours, otherwise, the price will break the support line(2) finishing the uptrend that's originated from 1808.
The M-T trend seems to be shifting from downward to upward, where the gold price has broken the 250 days MA(3) and the M-T resistance line(4). The price is now resisting at 1875(5). If the price is able to stand above the M-T trend line(4) at the end of this week, the M-T downtrend that was started last July will then officially finished.
S-T Resistances:
1880
1874-75
1870
Market Price: 1868
S-T Supports:
1864
1860
1855
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The price has touched our target @ 1874 during the Asian session today, the S-T 1:1 range(1) after breaking 1843 is basically completed. Gold is still staying above the S-T support line(2) maintaining its course upward. In order to keep the momentum up, Gold needs to break the 1874-75 resistance in the next 24 hours, otherwise, the price will break the support line(2) finishing the uptrend that's originated from 1808.
The M-T trend seems to be shifting from downward to upward, where the gold price has broken the 250 days MA(3) and the M-T resistance line(4). The price is now resisting at 1875(5). If the price is able to stand above the M-T trend line(4) at the end of this week, the M-T downtrend that was started last July will then officially finished.
S-T Resistances:
1880
1874-75
1870
Market Price: 1868
S-T Supports:
1864
1860
1855
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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