Gold traded in a relatively tight range yesterday. The price was under pressure from the 1930 resistance and the downward trendline (1) early in the Asian and European sessions. Breaking out from trendline(1) at the US session, the trading range has finally moved from 1920-30 to 1930-40. The day ended at 1935, up by USD 14.
Early in the Asian session today, the trading pattern is quite similar to yesterday, bounded within USD 10 (1930-40). Until the market turns active again, expect the price to be range-bound within 1920-40(3) today. Notice an S-T upward trendline has been formed in the past 24 hours, and 1905-50(4) remains the structure of this week.
As the rebound from 1894 ended, the price entered a sideway pattern between 1917-42(4). The selling pressure at the 20 days MA(5) and 1950 remains strong.
S-T Resistances:
1960
1950
1940-41
Market price: 1934
S-T Supports:
1930
1925
1920
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Early in the Asian session today, the trading pattern is quite similar to yesterday, bounded within USD 10 (1930-40). Until the market turns active again, expect the price to be range-bound within 1920-40(3) today. Notice an S-T upward trendline has been formed in the past 24 hours, and 1905-50(4) remains the structure of this week.
As the rebound from 1894 ended, the price entered a sideway pattern between 1917-42(4). The selling pressure at the 20 days MA(5) and 1950 remains strong.
S-T Resistances:
1960
1950
1940-41
Market price: 1934
S-T Supports:
1930
1925
1920
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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