Gold surged over USD 26 yesterday. The day has started at 1813. Early in the Asian session, the price was traded between 1810-15. The climb has officially begun after the price broke out from 1820 and the resistance trendline(1) at the European session. Buying accelerated at the US session, and the price reached day-high near market closing at 1843, the day ended at 1840.
Expect the upward momentum to continue in S-T as gold has just escaped the 3 weeks resistance at 1830(2) yesterday. The price should test again a new high today, with 1830-50(3) becoming the trading zone for now.
In line with our expectations, the flag shape pattern (5) continues to develop in the daily chart. The uptrend channel(4) should dominate the daily chart in M-T.
S-T Resistances:
1855
1850
1840-43
Market price: 1839
S-T Supprots:
1835
1830-28
1825
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Expect the upward momentum to continue in S-T as gold has just escaped the 3 weeks resistance at 1830(2) yesterday. The price should test again a new high today, with 1830-50(3) becoming the trading zone for now.
In line with our expectations, the flag shape pattern (5) continues to develop in the daily chart. The uptrend channel(4) should dominate the daily chart in M-T.
S-T Resistances:
1855
1850
1840-43
Market price: 1839
S-T Supprots:
1835
1830-28
1825
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
P. To
