Gold continued to move up yesterday. The market opened near 1820. The price has first consolidated toward 1815 in the Asian and early European session. The price had begun its climb as the time get close to the US session. Once it broke out from the resistance line(3), the price traveled to day-high 1827. The day ended near 1825, up by USD 4.
The uplifting momentum has been accelerating in the past 48 hours, as the bottom support drifted from trendline(2) to trendline(2.1). The price needs to break the current resistance at 1825 in the next few hours during the European session in order to maintain its path above the support line(2.1), otherwise, the price will naturally escape the trendline(2.1) trigging an S-T consolidation, toward 1815-18.
The bottom support has also been shifted from trendline(5) to trendline(5.1) in the daily chart. Notice, yesterday was the second time in 2 months yesterday that the price has attempted to close above 1815. It will be a sign of the gold price breaking higher if gold is able to maintain its closing price within the area 1815-31(7) in the next 2 trading days. The 1835 resistance(8) remains the key barrier to stop the price from pushing higher at this moment.
S-T Resistances:
1835
1830-32
1825
Market price: 1824
S-T Supports:
1820
1815
1810
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The uplifting momentum has been accelerating in the past 48 hours, as the bottom support drifted from trendline(2) to trendline(2.1). The price needs to break the current resistance at 1825 in the next few hours during the European session in order to maintain its path above the support line(2.1), otherwise, the price will naturally escape the trendline(2.1) trigging an S-T consolidation, toward 1815-18.
The bottom support has also been shifted from trendline(5) to trendline(5.1) in the daily chart. Notice, yesterday was the second time in 2 months yesterday that the price has attempted to close above 1815. It will be a sign of the gold price breaking higher if gold is able to maintain its closing price within the area 1815-31(7) in the next 2 trading days. The 1835 resistance(8) remains the key barrier to stop the price from pushing higher at this moment.
S-T Resistances:
1835
1830-32
1825
Market price: 1824
S-T Supports:
1820
1815
1810
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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