Gold rose a bit further yesterday. The week began at 1794 with the price trading between 1790-1800 thought-out the majority of the day. The price broke the resistance 1800 near the day's end and the day ended near 1801, up by USD 5.
The movement yesterday was in line with our expectations. For the moment, the trading range 1785-1808(1) is still valid with the price maintaining its path within the triangular pattern(2) in M-T. An S-T support line(3) has been formed in the past 24 hours, expect the price to test again 1808. If the price breaks the 1808 resistance, the price will be able to touch the next resistance line(2.1).
A rebound has been triggered yesterday by the bottoming signal(4) from last Friday. As the price is standing above 1800, the price should be able to touch again the top of the 1770-1815(5)range.
S-T Resistances:
1820-22
1815
1808-10
Market price: 1805
S-T Supports:
1800
1795
1790
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The movement yesterday was in line with our expectations. For the moment, the trading range 1785-1808(1) is still valid with the price maintaining its path within the triangular pattern(2) in M-T. An S-T support line(3) has been formed in the past 24 hours, expect the price to test again 1808. If the price breaks the 1808 resistance, the price will be able to touch the next resistance line(2.1).
A rebound has been triggered yesterday by the bottoming signal(4) from last Friday. As the price is standing above 1800, the price should be able to touch again the top of the 1770-1815(5)range.
S-T Resistances:
1820-22
1815
1808-10
Market price: 1805
S-T Supports:
1800
1795
1790
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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