Gold rebounded from 1895 yesterday. The price was supported by 1895(1) and the S-T support line(2.1) early in the day. It broke the resistance at 1900 and went all the way to 1908 once the US market opened. The market ended near day-high around 1908.
The range 1880-1910(3) that mentioned yesterday is still good. After the price rejected by 1909 yesterday, a new S-T resistance line(2.2) has been formed; together with the support at 1895(1), the new S-T trend on the 1-hr chart is now the triangle pattern(2). Until this pattern is broken, the tail of the triangle can extend all the way to Jun. 08.
Gold fails to carry the buying momentum from yesterday, and the price is once again below 1900 today. As mentioned yesterday, if the price is not able to close above 1900 by today, gold will escape the support of line(4) and enter a period of 1890-1910 range-bound(5).
S-T Resistances:
1915
1910
1900
Market Price: 1897
S-T Supports:
1892-90
1885
1880
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The range 1880-1910(3) that mentioned yesterday is still good. After the price rejected by 1909 yesterday, a new S-T resistance line(2.2) has been formed; together with the support at 1895(1), the new S-T trend on the 1-hr chart is now the triangle pattern(2). Until this pattern is broken, the tail of the triangle can extend all the way to Jun. 08.
Gold fails to carry the buying momentum from yesterday, and the price is once again below 1900 today. As mentioned yesterday, if the price is not able to close above 1900 by today, gold will escape the support of line(4) and enter a period of 1890-1910 range-bound(5).
S-T Resistances:
1915
1910
1900
Market Price: 1897
S-T Supports:
1892-90
1885
1880
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
P. To
