Gold hovered near the 3-month peak yesterday. The price broke the S-T support line(1) early in the Asian session and reached a new high 1845 at the US session. Overall has gold traded between 1830-45 throughout the day with the market closed at 1835.
The S-T upward trend that's originated from 1766 has finished as the gold price escaped the support line(1), the buying should slow down for now. Although the price reached a new high yesterday at 1845, the buying wasn't strong above 1840. The support at 1830 is still standing firm, expect gold to trade between 1830-45 for a little bit longer before the market is ready for the next move.
The selling above 1835 is still running strong while the gold price failed to closed above 1835, the 250 days MA(2), for 2 conservative days. After the double-bottom structure is completed last week, a new M-T trend has yet to reveal. But one thing for sure, the resistance at 1840 & the 250 days MA(2) is strong so far.
S-T Resistances:
1850
1840-43
1835
Market Price: 1835
S-T Supprots:
1824
1820
1812
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The S-T upward trend that's originated from 1766 has finished as the gold price escaped the support line(1), the buying should slow down for now. Although the price reached a new high yesterday at 1845, the buying wasn't strong above 1840. The support at 1830 is still standing firm, expect gold to trade between 1830-45 for a little bit longer before the market is ready for the next move.
The selling above 1835 is still running strong while the gold price failed to closed above 1835, the 250 days MA(2), for 2 conservative days. After the double-bottom structure is completed last week, a new M-T trend has yet to reveal. But one thing for sure, the resistance at 1840 & the 250 days MA(2) is strong so far.
S-T Resistances:
1850
1840-43
1835
Market Price: 1835
S-T Supprots:
1824
1820
1812
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
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