Gold reached a new 2-month high yesterday. The price was blocked by 1825 early in the Asian and European session. Once the US session had become active, the price broke out from 1825 reaching the highest 1833 right the day's end. The day ended at 1832, up by USD 7.
Gold finally reached our S-T target at 1833 late in yesterday's session and it has begun to consolidate thereafter. The uptrend originated from Nov. 04 is now completed as the price has escaped the uptrend channel(1) early in the Asian session today. The S-T trading strategy remains unchanged as yesterday with 1807-33(2) as the trading range until the current trend develops further.
Gold has gotten close to the 1835(3) resistance, the upper limit of the range(4) just like the last few times. So far there is no sign of it breaking out from the M-T/L-T range of 1720-1835(4). It will be the first sign of the price attempting to break the upside if the daily closing price closes above 1825 in the next 2 trading days.
S-T Resistance:
1840
1833
1830
Market price: 1826
S-T Supports:
1825
1820
1815
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Gold finally reached our S-T target at 1833 late in yesterday's session and it has begun to consolidate thereafter. The uptrend originated from Nov. 04 is now completed as the price has escaped the uptrend channel(1) early in the Asian session today. The S-T trading strategy remains unchanged as yesterday with 1807-33(2) as the trading range until the current trend develops further.
Gold has gotten close to the 1835(3) resistance, the upper limit of the range(4) just like the last few times. So far there is no sign of it breaking out from the M-T/L-T range of 1720-1835(4). It will be the first sign of the price attempting to break the upside if the daily closing price closes above 1825 in the next 2 trading days.
S-T Resistance:
1840
1833
1830
Market price: 1826
S-T Supports:
1825
1820
1815
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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