Gold rebounded from the 2-month low. The day began at 1884 yesterday, and the price has broken the 1880 support touching the day-low at 1871 early in the Asian session. However, the short-selling wasn't strong enough to push the price below 1970; the price quickly jumped back upon 1880. The day ended at 1894, up by USD 10.
The US Q1 GDP figure was released a lot worse than the market's expectation, supporting the gold to rebound behind the scene. The price has broken out from the S-T resistance trendline(1), and the downtrend from 1998 has finally ended. Entering a period of S-T range-bound, expect the price to trade between 1894-and 1915 before the weekend.
The double-top pattern is still good, and the technically retract after breaking the neckline(4.1) is now pushing the price toward 1920. Unless the price can stay above 1920 on the daily chart, the selling should resume after the price touches the neckline(4.1).
S-T Resistances:
1920
1915
1908-10
Market price: 1905
S-T Supports:
1900
1894
1890-88
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The US Q1 GDP figure was released a lot worse than the market's expectation, supporting the gold to rebound behind the scene. The price has broken out from the S-T resistance trendline(1), and the downtrend from 1998 has finally ended. Entering a period of S-T range-bound, expect the price to trade between 1894-and 1915 before the weekend.
The double-top pattern is still good, and the technically retract after breaking the neckline(4.1) is now pushing the price toward 1920. Unless the price can stay above 1920 on the daily chart, the selling should resume after the price touches the neckline(4.1).
S-T Resistances:
1920
1915
1908-10
Market price: 1905
S-T Supports:
1900
1894
1890-88
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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