Gold pulled back from a weekly high once again yesterday. The price has begun its climb early in the Asian session, broke the S-T resistance line(1) around the European session opening, and jumped all the way to the top of the range, 1815. It peaked near 1818 at the US session opening with the day ended at 1802, down by USD 2.
The climb on the 1-hr chart so far has been attracted by the bottom of the previous S-T uptrend channel(3), pulling the horizontal range(2) slightly upward(4). But the overall pattern on the 1-hr chart has yet to change, the price should stay with the zone(2) for now.
The price is still trading within 1790-1815 on the daily chart. However, after the pulled back(6) yesterday, the chart is once again showing a strong sign of selling pressure above 1805. The price movements of the past few days are quite similar to those 2 weeks back(7). Need to pay special attention to some sudden downfall. Resistance line(?) maybe the key for the next upside move.
S-T Resistances:
1815
1810
1805
Market price: 1801
S-T Supports:
1800
1794-5
1790
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The climb on the 1-hr chart so far has been attracted by the bottom of the previous S-T uptrend channel(3), pulling the horizontal range(2) slightly upward(4). But the overall pattern on the 1-hr chart has yet to change, the price should stay with the zone(2) for now.
The price is still trading within 1790-1815 on the daily chart. However, after the pulled back(6) yesterday, the chart is once again showing a strong sign of selling pressure above 1805. The price movements of the past few days are quite similar to those 2 weeks back(7). Need to pay special attention to some sudden downfall. Resistance line(?) maybe the key for the next upside move.
S-T Resistances:
1815
1810
1805
Market price: 1801
S-T Supports:
1800
1794-5
1790
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
P. To @ 1uptick Analytic
