Gold eased from the 2-months high yesterday. The market opened near the day-high at 1807. Once tradings became active during the Asian and European session, the price had kept dipping lower. The price broke the 1800(1) barrier at the US session opening and touched the day-low near 1781. The day ended near 1792, down by USD 15.
The upward momentum has slowed down after the price escaped the already tightened wedge pattern(2). The price is still trading within the uptrend channel (5) overall. The buying support is still relatively strong near the 1788 level. Before the next major breakout, the range 1788-1813(4) is still valid. Pay attention to the resistance at 1800 and the newly formed downward resistance line(3) on the upside as it rebounds within the day.
As mentioned yesterday, the gold price has been pressured by the 250 days MA on the daily chart. The price has failed to defend the 1800 support for the daily close yesterday, showing a sign of S-T consolidation. Before the breakout, the uptrend channel(6) originated from Sept. 30 is still valid, along with the horizontal range 1720-1835 for the L/T trend.
S-T Resistances:
1796-1800
1794
1788
Market price: 1787
S-T Supports:
1785
1781-80
1775
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
The upward momentum has slowed down after the price escaped the already tightened wedge pattern(2). The price is still trading within the uptrend channel (5) overall. The buying support is still relatively strong near the 1788 level. Before the next major breakout, the range 1788-1813(4) is still valid. Pay attention to the resistance at 1800 and the newly formed downward resistance line(3) on the upside as it rebounds within the day.
As mentioned yesterday, the gold price has been pressured by the 250 days MA on the daily chart. The price has failed to defend the 1800 support for the daily close yesterday, showing a sign of S-T consolidation. Before the breakout, the uptrend channel(6) originated from Sept. 30 is still valid, along with the horizontal range 1720-1835 for the L/T trend.
S-T Resistances:
1796-1800
1794
1788
Market price: 1787
S-T Supports:
1785
1781-80
1775
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
P. To
