Gold pulled back from a 1-week high yesterday. The price was wandering between 1784-89 early in the Asian session. It has broken out from 1790 and touched the day-high 1795 at the US session. The price then retraced to day-low near 1780 and ended the day at 1785, down slightly by USD 1.
Gold was rejected by the 1790-93 resistance zone(2) yesterday. While the price has broken the S-T supported line(1) on the 1-hour chart, the buying momentum originated from 1720 should start to slow down. As long as the gold price fails to clear the resistance at 1790-93, the trading range 1760-90 should remain valid.
The neckline 1797(3) from the previous double-top pattern remains a strong resistance on the daily chart. The pullback before the market closing yesterday has created an S-T reversal signal. The price may need to consolidate a bit lower in the next 24 hours.
S-T Resistances:
1807
1800
1797
Market price: 1792
S-T supports:
1790
1780-82
1775
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Gold was rejected by the 1790-93 resistance zone(2) yesterday. While the price has broken the S-T supported line(1) on the 1-hour chart, the buying momentum originated from 1720 should start to slow down. As long as the gold price fails to clear the resistance at 1790-93, the trading range 1760-90 should remain valid.
The neckline 1797(3) from the previous double-top pattern remains a strong resistance on the daily chart. The pullback before the market closing yesterday has created an S-T reversal signal. The price may need to consolidate a bit lower in the next 24 hours.
S-T Resistances:
1807
1800
1797
Market price: 1792
S-T supports:
1790
1780-82
1775
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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