Gold is entering a period of range-bound now. The price was rejected by 1790 in the late Asian session, once it has escaped the ST uptrend channel(1), it went to day low 1771. The market ended at 1777, slightly down by USD4.
Apart from the low volume period in the few trading hours before the market close last Friday and the few hours at the market opening this morning(5), the gold price has been supporting near 1770-72(2) level. A sign of selling momentum further reduced where Gold broke the ST resistance line(3) this morning, 1772-1790 should be the range for now before the next break.
The pattern didn't change much in the last 24 hours on the daily chart. The range remains in 1760-1800(5) where the 100 days MA(6) be the next resistance.
S-T Resistances:
1795
1790
1785-86
Market price: 1782
S-T Supports:
1780
1772-73
1768
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
Apart from the low volume period in the few trading hours before the market close last Friday and the few hours at the market opening this morning(5), the gold price has been supporting near 1770-72(2) level. A sign of selling momentum further reduced where Gold broke the ST resistance line(3) this morning, 1772-1790 should be the range for now before the next break.
The pattern didn't change much in the last 24 hours on the daily chart. The range remains in 1760-1800(5) where the 100 days MA(6) be the next resistance.
S-T Resistances:
1795
1790
1785-86
Market price: 1782
S-T Supports:
1780
1772-73
1768
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
P. To
