Gold was rejected by 1950 again yesterday. The market opened at 1932, and the price has started to climb after it visited the day-low at 1918 early in the day during the Asian session. The upward momentum has accelerated as the price crossed the S-T resistance line(1). The gold price peaked at 1950 during the US session, and the price was pulled back to 1937 to end the day.
The movement on the 1-hour chart yesterday was in line with our expectations; at the same time, a wedge pattern(3) has been formed in the past 48 hours. The market is now waiting for the release of the US employment figures. It is hard to predict the actual figures and the market reactions; however, 1920-50(3) can be used as a preliminary reference.
The upward momentum from 1889 has slowed down in the past 24 hours. The overall structure on the daiy chart hasn't changed much, where 1920-42 is still trading range before the next break.
S-T Resistances:
1960-64
1950
1940-41
Market price: 1937
S-T Supports:
1930
1920
1915
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