Gold continued its uptrend yesterday. The market opened at 1960, and the price was rejected by 1960 early during the Asian and European sessions, bounded between 1950-60. A renewal round of buying was triggered after the US released its CPI figures, broke out from the triangle pattern(1), and climbed to the day-high at 1978. The day pulled back to 1966 before closing, ending the day at 1966.
The uptrend accelerated again yesterday, from (2.1) to the latest trendline (2.2). The Feb. 24's peak of 1974 is the next key resistance on the 1-hour chart; if the price fails to cross the 1974 barrier before the US session today, it will neutrally escape the support from the trendline (2.2), ending the current uptrend enter the next stage of consolidation. The upside target will be at 1990 if the price breach the 1974-78 resistance zone; otherwise, the price will trade in range-bound between 1950-74 in the next 48 hours.
An upward trendline(4) has formed since the beginning of the climb on April 08. Gold is trying its best to escape the top of the range, 1965(3), as the day ended at 1966 yesterday. If the price can close above 1965 today, the price should be able to leave the 1895-1965 range, upside target at 2000 or higher.
S-T Resistances:
1990
1978-80
1974
Market price: 1971
S-T Supports:
1965
1960
1951-50
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The uptrend accelerated again yesterday, from (2.1) to the latest trendline (2.2). The Feb. 24's peak of 1974 is the next key resistance on the 1-hour chart; if the price fails to cross the 1974 barrier before the US session today, it will neutrally escape the support from the trendline (2.2), ending the current uptrend enter the next stage of consolidation. The upside target will be at 1990 if the price breach the 1974-78 resistance zone; otherwise, the price will trade in range-bound between 1950-74 in the next 48 hours.
An upward trendline(4) has formed since the beginning of the climb on April 08. Gold is trying its best to escape the top of the range, 1965(3), as the day ended at 1966 yesterday. If the price can close above 1965 today, the price should be able to leave the 1895-1965 range, upside target at 2000 or higher.
S-T Resistances:
1990
1978-80
1974
Market price: 1971
S-T Supports:
1965
1960
1951-50
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
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