Gold prices were basically unchanged yesterday. Before the European session, it has gone to day-high near 1758 and began its drop. The price went to as low as 1740 at the US session, with the day ended at 1752 fluctuated USD 16.
S-T support line(1) continues to provide support for gold, and the triangle pattern (2) is still good for today. The buying yesterday below 1747(3) during the US session yesterday seems to be quite strong. The market may have the momentum to touch 1767-70 if it breaks the resistance at 1760(5) today. However, before any pattern changes, 1720-54(4) range-bound will still be the trading strategy for today.
Overall, the price is still on a bearish trend after it has gone below the M-T support line(7) on the daily chart. The price has been trading within a narrow range between 1750-60(6) in the past 24 hours, and the S-T trend is not clear at the moment. The price will need to at least escape the 1750-60 trading zone in order for the S-T trend to reveal itself.
S-T Resistances:
1775
1767-70
1758-60
Market price: 1757
S-T Supports:
1750
1747
1740
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S-T support line(1) continues to provide support for gold, and the triangle pattern (2) is still good for today. The buying yesterday below 1747(3) during the US session yesterday seems to be quite strong. The market may have the momentum to touch 1767-70 if it breaks the resistance at 1760(5) today. However, before any pattern changes, 1720-54(4) range-bound will still be the trading strategy for today.
Overall, the price is still on a bearish trend after it has gone below the M-T support line(7) on the daily chart. The price has been trading within a narrow range between 1750-60(6) in the past 24 hours, and the S-T trend is not clear at the moment. The price will need to at least escape the 1750-60 trading zone in order for the S-T trend to reveal itself.
S-T Resistances:
1775
1767-70
1758-60
Market price: 1757
S-T Supports:
1750
1747
1740
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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