Gold jumped more than USD 25 yesterday. The day began at 1816; buying orders came into the market after the price touched the day-low at the US session. The first round of buying was triggered by the price breaking out from the trendline(1) during the European session, and the second round of buying appeared during the US session once the market cleared all the selling at the 1830(2) resistance. The price reached a day-high at 1849, with the day ending near 1841.
The trend in the 1-hour chart is now shifting from its previous 1800-30 range-bound to an uptrend for now. An uptrend channel(3) has been formed in the past 48 hours. If the price can clear the 1850(4) resistance, the next upside target will be set at around 1860-65.
Gold has finally escaped the downtrend channel(5) on the daily chart. Same as the 1-hour chart, the current S-T resistance is now at 1850. If the price can jump beyond 1850, the 20 days(6) & 100 days(7) MA will be the next upside target.
S-T Resistances:
1865
1860
1850
Market price: 1848
S-T Supports:
1840
1832-30
1825
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The trend in the 1-hour chart is now shifting from its previous 1800-30 range-bound to an uptrend for now. An uptrend channel(3) has been formed in the past 48 hours. If the price can clear the 1850(4) resistance, the next upside target will be set at around 1860-65.
Gold has finally escaped the downtrend channel(5) on the daily chart. Same as the 1-hour chart, the current S-T resistance is now at 1850. If the price can jump beyond 1850, the 20 days(6) & 100 days(7) MA will be the next upside target.
S-T Resistances:
1865
1860
1850
Market price: 1848
S-T Supports:
1840
1832-30
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!
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