Gold retreated from the 1-month high yesterday. Carried the buying momentum from last Friday, the price has climbed to 1823 early in the Asian session. But the buying failed to follow through thereafter. Gradually it has gone to day-low near 1806 at the US session, with the day ended near 1810, down by USD 6.
Overall the price had traded within 1810-23, in line with our expectations yesterday. The trading volume was quite thin, but the buying support seems strong at 1810(1). The bull is still dominating the 1-hour chart with 1830 as the next upside target. For the next 24 hours, 1810-23(3) should be the trading range. Trendline (2) remains in effect waiting for the next breakout.
The 1790-1835 horizontal structure remains unchanged on the daily chart. The price is supporting at 1810(4) for now. The top of the structure 1830-35 can be set as the upside target.
S-T Resistances:
1830
1823
1818-20
Market price: 1815
S-T Supports:
1814-15
1808-10
1805
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Overall the price had traded within 1810-23, in line with our expectations yesterday. The trading volume was quite thin, but the buying support seems strong at 1810(1). The bull is still dominating the 1-hour chart with 1830 as the next upside target. For the next 24 hours, 1810-23(3) should be the trading range. Trendline (2) remains in effect waiting for the next breakout.
The 1790-1835 horizontal structure remains unchanged on the daily chart. The price is supporting at 1810(4) for now. The top of the structure 1830-35 can be set as the upside target.
S-T Resistances:
1830
1823
1818-20
Market price: 1815
S-T Supports:
1814-15
1808-10
1805
If you like our work, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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