Gold was basically flat yesterday traded in a super tight range. Nothing has changed in the past 24 hours, the pattern keeps in the 1807-1815 range(1).
The price is now bounded by the 5 & 20 days MA on the daily chart. In order for the uptrend channel(2) to stay in effect, the daily closing prices for the next 48 hours need to keep moving higher. If the price escapes channel(2), the upward momentum that has been accumulating will all be neutralized.
S-T Resistances:
1830
1825
1815-18
Market price: 1813
S-T Supports:
1810
1805
1800
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The price is now bounded by the 5 & 20 days MA on the daily chart. In order for the uptrend channel(2) to stay in effect, the daily closing prices for the next 48 hours need to keep moving higher. If the price escapes channel(2), the upward momentum that has been accumulating will all be neutralized.
S-T Resistances:
1830
1825
1815-18
Market price: 1813
S-T Supports:
1810
1805
1800
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
P. To
