Gold ended high yesterday. Although the market had been sliding after it opened near 1764 early in the Asian session, the buying was strong during the US session. It has touched the day-low near 1746 before the US session, but it reached day-high 1770 with the day ended near 1769.
The price has finally broken out from channel (1) on the 1-hour chart, escaping the downtrend. An S-T support line(2) has been formed after the consolidation yesterday. Although the resistance is now sitting at 1770, the target can still be set at 1780 for the next 48 hours. On the other hand, if the price break the support line(2), aiming the price to slide toward 1750.
The M-T downtrend on the daily chart has been finished by the price breaking out from the resistance line(4). After 3 consecutive days of gains, there is some S-T selling pressure (profit taking) pressing the market for the moment. The market will need to close above 1760 in order to maintain its current path upward. If the market closes below 1760 today, gold may enter a short period of consolidation.
S-T Resistances:
1770
1764
1760
Market price: 1759
S-T Supports:
1755
1750
1744-45
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The price has finally broken out from channel (1) on the 1-hour chart, escaping the downtrend. An S-T support line(2) has been formed after the consolidation yesterday. Although the resistance is now sitting at 1770, the target can still be set at 1780 for the next 48 hours. On the other hand, if the price break the support line(2), aiming the price to slide toward 1750.
The M-T downtrend on the daily chart has been finished by the price breaking out from the resistance line(4). After 3 consecutive days of gains, there is some S-T selling pressure (profit taking) pressing the market for the moment. The market will need to close above 1760 in order to maintain its current path upward. If the market closes below 1760 today, gold may enter a short period of consolidation.
S-T Resistances:
1770
1764
1760
Market price: 1759
S-T Supports:
1755
1750
1744-45
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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