Gold gained USD 11 yesterday. The price had traded tightly between 1790-93 until it began to drop during the European hours. The price had fallen to day-low right before the US released its inflation figures. Thereafter, the price had continued to climb toward to day-high 1808, with the day-ended near 1804.
Although the gold price touched a new weekly low of 1780 yesterday, it defended the key support level of 1785 after all, and it has officially triggered a rebound after it broke out from the previous high of 1803(1). The horizontal range of 1785-1810(3) is still valid with the movement trending toward the top of the zone. The price is now being blocked by the S-T resistance line(2) for now; if the price can clear both line(2) and the 1810 resistance, the upside target can be set near 1835.
On the daily chart, the horizontal range has been widened slightly from 1790-1835 to 1785-1835 after the price cleared away from the bottom of the range. It is the first time in a week that the closing price ended above the key 1800(4) level. The buying momentum is now picking up; if the price can break out from 1810, the next target can be set near 1835 on the daily chart.
S-T Resistances:
1815
1810
1805-7
Market price: 1801
S-T Supports:
1800
1790-88
1785
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Although the gold price touched a new weekly low of 1780 yesterday, it defended the key support level of 1785 after all, and it has officially triggered a rebound after it broke out from the previous high of 1803(1). The horizontal range of 1785-1810(3) is still valid with the movement trending toward the top of the zone. The price is now being blocked by the S-T resistance line(2) for now; if the price can clear both line(2) and the 1810 resistance, the upside target can be set near 1835.
On the daily chart, the horizontal range has been widened slightly from 1790-1835 to 1785-1835 after the price cleared away from the bottom of the range. It is the first time in a week that the closing price ended above the key 1800(4) level. The buying momentum is now picking up; if the price can break out from 1810, the next target can be set near 1835 on the daily chart.
S-T Resistances:
1815
1810
1805-7
Market price: 1801
S-T Supports:
1800
1790-88
1785
If you like our work, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P.To
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