Gold rose above 1850 after the Inflation data. The day began at 1838 yesterday.
After the price touched the day-low at 1838 early in the Asian session, it steadily moved up before the US session. The price has quickly retraced to 1836 after the US inflation data, but the price rebounded quickly and reached the day-high at 1857. The day ended at 1852, up by USD 14.
Gold has finally escaped the selling pressure from the resistance trendline(1) on the 1-hour chart, and the downtrend originating from 1909 is officially ended. Althought the price is now trading above 1850, the buying so far is not strong enough to shift the S-T trend upward. Before the price can cross the 1865 barrier, expect the price to trade sideway between 1840-65(2) for now. Once it breaks the 1865 resistance, the upper limit of the downtrend channel(3) remains the next upside target.
Althought the price touched a new two-month low yesterday, the support at the 250 days, Ma remains strong. An S-T bottom between 1835-1860 has formed on the daily chart, and the rebound toward the downward trend(5) will be triggered if the price closes above 1860.
S-T Resistances:
1870-74
1865
1860
Market price: 1851
S-T Supports:
1845
1840
1835
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After the price touched the day-low at 1838 early in the Asian session, it steadily moved up before the US session. The price has quickly retraced to 1836 after the US inflation data, but the price rebounded quickly and reached the day-high at 1857. The day ended at 1852, up by USD 14.
Gold has finally escaped the selling pressure from the resistance trendline(1) on the 1-hour chart, and the downtrend originating from 1909 is officially ended. Althought the price is now trading above 1850, the buying so far is not strong enough to shift the S-T trend upward. Before the price can cross the 1865 barrier, expect the price to trade sideway between 1840-65(2) for now. Once it breaks the 1865 resistance, the upper limit of the downtrend channel(3) remains the next upside target.
Althought the price touched a new two-month low yesterday, the support at the 250 days, Ma remains strong. An S-T bottom between 1835-1860 has formed on the daily chart, and the rebound toward the downward trend(5) will be triggered if the price closes above 1860.
S-T Resistances:
1870-74
1865
1860
Market price: 1851
S-T Supports:
1845
1840
1835
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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