Gold rebounded from last Fri. low yesterday. The market opened near 1783 early in the Asian session. The price had been bounded by the 1780-88 range throughout the Asian and European sessions. It broke out from 1788(1) at the US session opening. Day-high reached 1795, with the day ended 1793 up by USD 9.
The technical pull-back from escaping channel(2) has been completed after the price touched once again trendline(2). The price is still trading within the downtrend channel(3) in the 1-hour chart. An S-T trend line(4) has been formed in the last 24 hours. Selling will resume if the price breakout from trendline(4) and the 1788 support line.
As mentioned yesterday, the horizontal range 1780-1810(6) is still dominating on the daily chart after the price break out from the uptrend channel. The 20 days MA(5) will provide support within today and 1796-1800 will be the resistance on the upside.
S-T Resistances:
1805
1800
1795-96
Market price: 1791
S-T Supports:
1788
1780
1775
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The technical pull-back from escaping channel(2) has been completed after the price touched once again trendline(2). The price is still trading within the downtrend channel(3) in the 1-hour chart. An S-T trend line(4) has been formed in the last 24 hours. Selling will resume if the price breakout from trendline(4) and the 1788 support line.
As mentioned yesterday, the horizontal range 1780-1810(6) is still dominating on the daily chart after the price break out from the uptrend channel. The 20 days MA(5) will provide support within today and 1796-1800 will be the resistance on the upside.
S-T Resistances:
1805
1800
1795-96
Market price: 1791
S-T Supports:
1788
1780
1775
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
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