Gold hit a 5-month high yesterday. Back from the weekend, the market opened slightly higher at 1866 and the price had traded between 1855-65 throughout the Asian and European sessions. It touched 1870, the 5 months high, at the US session, but the buying momentum failed to follow through. The day ended at 1862, down slightly by USD 1 from the day before.
The previous uptrend channel(1) can still be used as a reference. In the past few days of trading, while the daily closing price was being pushed higher, the market has begun to get used to the resistance at 1865-68(2). The wedge pattern(3) is still good for now, with 1843 as the support and the upper resistance stepping higher day by day. Resistance at 1870 remains strong, need to be prepared for any sudden downward movement.
The daily closing price has been pushing higher in the past few trading days, and the long-awaited S/T consolidation has yet to appear on the daily chart. The price has touched 1870 yesterday but failed to stay above 1868. Overall, the price is still on its way toward 1910 in M/L-T, and structurally, the price is bounded by the 1848-68(4) range in the S/T unit it breaks.
S-T Resistance:
1880
1875
1868
Market price: 1865
S-T Supports:
1860-62
1855
1850
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The previous uptrend channel(1) can still be used as a reference. In the past few days of trading, while the daily closing price was being pushed higher, the market has begun to get used to the resistance at 1865-68(2). The wedge pattern(3) is still good for now, with 1843 as the support and the upper resistance stepping higher day by day. Resistance at 1870 remains strong, need to be prepared for any sudden downward movement.
The daily closing price has been pushing higher in the past few trading days, and the long-awaited S/T consolidation has yet to appear on the daily chart. The price has touched 1870 yesterday but failed to stay above 1868. Overall, the price is still on its way toward 1910 in M/L-T, and structurally, the price is bounded by the 1848-68(4) range in the S/T unit it breaks.
S-T Resistance:
1880
1875
1868
Market price: 1865
S-T Supports:
1860-62
1855
1850
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
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