Gold pulled back from the 1-week high yesterday. The market opened near 1784 and the price had climbed to the day-high 1793 at the European session. The price stayed within 1780-85 during the US session, with the day ending at 1782 down by USD 2.
The price was rejected by 1792(1) yesterday, along with the S-T uptrend channel(2) remaining in place, the triangular pattern(3) should be the dominant pattern in the next 24 hours in the 1-hour chart.
The horizontal 1770-95 range(4) is still in effect in the daily chart. Yesterday's pullback(5) had shown that the selling above 1790 remains quite strong. As mentioned yesterday, the first sign of the pattern turning upward will be the daily closing price ending above 1795 (or even 1790 for now).
S-T Resistances:
1800
1792-94
1788
Market price: 1784
S-T Supports:
1778-80
1774
1768-70
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The price was rejected by 1792(1) yesterday, along with the S-T uptrend channel(2) remaining in place, the triangular pattern(3) should be the dominant pattern in the next 24 hours in the 1-hour chart.
The horizontal 1770-95 range(4) is still in effect in the daily chart. Yesterday's pullback(5) had shown that the selling above 1790 remains quite strong. As mentioned yesterday, the first sign of the pattern turning upward will be the daily closing price ending above 1795 (or even 1790 for now).
S-T Resistances:
1800
1792-94
1788
Market price: 1784
S-T Supports:
1778-80
1774
1768-70
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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