Gold pulled back from a 2-weeks high yesterday. The price has begun its climb from 1791 since the Asian session. It peaked at 1815 at the US session opening and thereafter started to go south. The day ended at 1796, up by USD5.
Overall, the price has traded within the uptrend channel(1) throughout yesterday on the 1-hr chart. While it has escaped the uptrend channel(2), the uptrend that originated from June 30 is now officially over. Expect the price to trade in the 1790-1815(3) range for now.
The uptrend on the daily chart is getting weak at the moment. The pullback before the day's end has created an over USD20 upper shadow(4). Unless the gold price is able to close above 1800 in the next 24 hours, otherwise selling many begin in the next few days. The 20 days MA (5) remains a strong resistance; meanwhile, if the price breaks the support at the 5 days and 100 days MA(6), expect the price to consolidate further down.
As mentioned yesterday, the price needs to close above 1800 to further confirm the M/L term uptrend(8). The break of 1800 is yet to happen.
S-T Resistances:
1810
1805
1800
Market price: 1798
S-T Supports:
1794-5
1790
1787
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P. To
Overall, the price has traded within the uptrend channel(1) throughout yesterday on the 1-hr chart. While it has escaped the uptrend channel(2), the uptrend that originated from June 30 is now officially over. Expect the price to trade in the 1790-1815(3) range for now.
The uptrend on the daily chart is getting weak at the moment. The pullback before the day's end has created an over USD20 upper shadow(4). Unless the gold price is able to close above 1800 in the next 24 hours, otherwise selling many begin in the next few days. The 20 days MA (5) remains a strong resistance; meanwhile, if the price breaks the support at the 5 days and 100 days MA(6), expect the price to consolidate further down.
As mentioned yesterday, the price needs to close above 1800 to further confirm the M/L term uptrend(8). The break of 1800 is yet to happen.
S-T Resistances:
1810
1805
1800
Market price: 1798
S-T Supports:
1794-5
1790
1787
If you like our analysis, please give our team a thumbs up. Leave a comment, let us know what you think! Thank you!
P. To
P. To @ 1uptick Analytic
