Gold fell to as low as 1817 yesterday in the US session, but the closing price was unchanged from the day before, 1836. Gold has broken the support line(1) early in the Asian session today, showing the selling pressure is increasing. But so far, the buying support seems strong at below 1826 level, expect an 1820-45 range-bound for now. A new S-T downward resistance line(2) has formed in the past 24 hours, a break of this line may trigger a new round of buying,
The quick rebound from 1817 yesterday has created an almost USD 20 lower shadow line(4), a sign of the bull. If gold can ride the upward momentum from yesterday in the next 48 hours, it will be a good chance for gold to break the 250 days MA(3) and 1840, otherwise, if the price stays below the 250 days MA(3) and 1840 in the next 48 hours, the buying from yesterday will slowly be digested. Be patient for the new M-T trend to reveal itself.
S-T Resistances:
1840-43
1835
1830
Market Price: 1828
S-T Supports:
1824
1820
1812
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The quick rebound from 1817 yesterday has created an almost USD 20 lower shadow line(4), a sign of the bull. If gold can ride the upward momentum from yesterday in the next 48 hours, it will be a good chance for gold to break the 250 days MA(3) and 1840, otherwise, if the price stays below the 250 days MA(3) and 1840 in the next 48 hours, the buying from yesterday will slowly be digested. Be patient for the new M-T trend to reveal itself.
S-T Resistances:
1840-43
1835
1830
Market Price: 1828
S-T Supports:
1824
1820
1812
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
P. To
