Gold rebounded USD 16 yesterday. The day began near 1853, and the price has been range-bound between 1851-57 early in the Asian and European sessions. Ocen the US released the economic figures, the buying has resumed where the price cleared the 1861(1) resistance and went all the way to day-high 1872, the day ended at 1869.
Under the shadow of the US Fed. minutes yesterday, the rebound was stronger than expected. An S-T upward trend line(2) has been formed in the past 36 hours, if the price can break out from this support line, gold will enter a range-bound structure of 1843-80. After all, still need to be aware in case the price clears the resistance of 1880, the upside target will be at 1900 or higher.
Although gold is once again approaching 1880 and the resistance zone(3), as mentioned yesterday, the climb originated from 1780 has been completed on the daily chart after Tuesday's drop. Unless the price can close above 1870 in the next few days, otherwise the market will enter a mode of range-bound(4) just like last time. Since the market movement has been heavily determined by breaking news lately, be aware a new round of climbing may begin if the price jump above the key resistance of 1880.
S-T Resistance:
1890
1880
1875
Market price: 1872
S-T Supports:
1870-68
1865
1860
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Under the shadow of the US Fed. minutes yesterday, the rebound was stronger than expected. An S-T upward trend line(2) has been formed in the past 36 hours, if the price can break out from this support line, gold will enter a range-bound structure of 1843-80. After all, still need to be aware in case the price clears the resistance of 1880, the upside target will be at 1900 or higher.
Although gold is once again approaching 1880 and the resistance zone(3), as mentioned yesterday, the climb originated from 1780 has been completed on the daily chart after Tuesday's drop. Unless the price can close above 1870 in the next few days, otherwise the market will enter a mode of range-bound(4) just like last time. Since the market movement has been heavily determined by breaking news lately, be aware a new round of climbing may begin if the price jump above the key resistance of 1880.
S-T Resistance:
1890
1880
1875
Market price: 1872
S-T Supports:
1870-68
1865
1860
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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