Gold successfully defended the 1940 support yesterday. The day began at 1949. Carried the selling momentum from the US session the day before, the price touched the day-low early in the Asian session yesterday. The price was gradually moving higher during the European session. The day ended near day-high at 1957, up by USD 8.
Gold found its support at the 1941 level yesterday. The selling originated from 1980 the day before is temporarily slowing down, entering 1940-40(2) range-bound. The S-T downtrend is not 100% complete; the support at 1941-43 still holds the key; however, the buying below 1950 seems to be strong at the US session yesterday(1). If the buying momentum can go on today leading the day ending above 1950, the price should be above to touch again 1980 in the next 48 hours.
The 1950 support on the daily becomes significate after the really yesterday. It will be a sign to start an S-T surge toward 1974 if the price can close above 1957(4) on the daily chart.
S-T Resistances:
1974
1965-68
1957-60
Market price: 1952
S-T Supports:
1950
1941-40
1930
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Gold found its support at the 1941 level yesterday. The selling originated from 1980 the day before is temporarily slowing down, entering 1940-40(2) range-bound. The S-T downtrend is not 100% complete; the support at 1941-43 still holds the key; however, the buying below 1950 seems to be strong at the US session yesterday(1). If the buying momentum can go on today leading the day ending above 1950, the price should be above to touch again 1980 in the next 48 hours.
The 1950 support on the daily becomes significate after the really yesterday. It will be a sign to start an S-T surge toward 1974 if the price can close above 1957(4) on the daily chart.
S-T Resistances:
1974
1965-68
1957-60
Market price: 1952
S-T Supports:
1950
1941-40
1930
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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