Gold escaped the 1807-1818 range yesterday. The trading was stable early in the Asian & European session, and the price broke the 1807 support(1) at the US session right after it has touched 1815. Day-low has gone to as low as 1797 with the day ended at 1803, down by USD7.
The trading range has shifted from 1807-1818 to 1794-1807(3) on the 1-hour chart. Currently, the price is now supporting at 1800 and at the same time being pressured by the newly formed S-T resistance line(2). As the price is approaching the breaking point of 1800 or resistance line(2), the price movement should accelerate within the 1794-1807 range during the European session.
The development on the daily chart is much more interesting for gold. The price escaped the M-T uptrend channel(4) yesterday, a sign of uplifting momentum has reduced further. Although the horizontal structure 1790-1835(5) remains in effect, the double top(6) may dominate the market if all the supports at neckline 1795 are cleared. The US employment figure may be the key.
S-T Resistances:
1815-18
1810
1807
Market price: 1800
S-T Supports:
1795
1790
1785
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The trading range has shifted from 1807-1818 to 1794-1807(3) on the 1-hour chart. Currently, the price is now supporting at 1800 and at the same time being pressured by the newly formed S-T resistance line(2). As the price is approaching the breaking point of 1800 or resistance line(2), the price movement should accelerate within the 1794-1807 range during the European session.
The development on the daily chart is much more interesting for gold. The price escaped the M-T uptrend channel(4) yesterday, a sign of uplifting momentum has reduced further. Although the horizontal structure 1790-1835(5) remains in effect, the double top(6) may dominate the market if all the supports at neckline 1795 are cleared. The US employment figure may be the key.
S-T Resistances:
1815-18
1810
1807
Market price: 1800
S-T Supports:
1795
1790
1785
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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