Gold jumped yesterday. The price had opened near day-low at 1769 and steadily went up during the Asian and European session. Once the price broke out from the triangular pattern(2), it has gone all the way to day-high 1788 at the US session opening. The day ended at 1781, up by USD 12.
Gold has successfully defended its position within the uptrend channel(1). The momentum seems to have accelerated after it passed the 1780 barrier. The next resistance is now waiting at 1788(3). If the price can get past it, the next upside target will be near 1800 on the 1-hour chart.
The price is able to break out from the 1780 resistance and maintain its path within the uptrend channel(4) on the daily chart. The upside target can be set at 1796 on the daily chart. But hesitation and selling pressure still exist above 1780, need to be cautious to those sudden drops caused by news and events.
S-T Resistances:
1800
1794-96
1788
Market price: 1785
S-T Supports:
1780
1775
1770
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Gold has successfully defended its position within the uptrend channel(1). The momentum seems to have accelerated after it passed the 1780 barrier. The next resistance is now waiting at 1788(3). If the price can get past it, the next upside target will be near 1800 on the 1-hour chart.
The price is able to break out from the 1780 resistance and maintain its path within the uptrend channel(4) on the daily chart. The upside target can be set at 1796 on the daily chart. But hesitation and selling pressure still exist above 1780, need to be cautious to those sudden drops caused by news and events.
S-T Resistances:
1800
1794-96
1788
Market price: 1785
S-T Supports:
1780
1775
1770
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
P. To
