Gold pulled back from the 250 days MA yesterday. The day began at 1824; overall, the price traded between 1822-30 throughout the Asian/European sessions. Until the trading entered the US session, the price spiked to the day-high 1836, then the fall began. It dropped to the day-low at 1812, with the day ending at 1814, down by USD 9.
Gold has finally escaped the downward trendline(1), officially ending the downtrend that originated from 1909. Expect the S-T trend to transform horizontally to an 1800-30 range-bound on the 1-hour chart until the next breakout.
The buying momentum is not strong enough to push the price over the 250 days MA on the daily chart; gold is still maintaining its path within the downtrend channel(6). On the daiy chart, the closing price cannot close below 1810 so far. Pay close attention...where it will be a sign of the price heading toward a new low if the daily closing price ends below 1810(7) in the next few trading days.
S-T Resistances:
1830
1825
1820
Market price: 1810
S-T Supports:
1805
1800
1795-93
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Gold has finally escaped the downward trendline(1), officially ending the downtrend that originated from 1909. Expect the S-T trend to transform horizontally to an 1800-30 range-bound on the 1-hour chart until the next breakout.
The buying momentum is not strong enough to push the price over the 250 days MA on the daily chart; gold is still maintaining its path within the downtrend channel(6). On the daiy chart, the closing price cannot close below 1810 so far. Pay close attention...where it will be a sign of the price heading toward a new low if the daily closing price ends below 1810(7) in the next few trading days.
S-T Resistances:
1830
1825
1820
Market price: 1810
S-T Supports:
1805
1800
1795-93
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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