Gold slipped from the 4-month peak yesterday. The price had traded between 1900-10 until reaching day-high 1912 in the US session. The price then began to consolidate all the way to day-low 1889. The market ended at 1895.
Gold has got close to our target 1915-20 level with the day-high 1912. Although the price has fallen before the market closing yesterday, the uptrend channel(1) is still valid in the 1-hr chart. Expect the price to trade within 1890-1910 for now.
The resistance is being strong near the 1900 level on the daily chart while the price failed to close above 1900 yesterday. The trading pattern is quite similar to the breaking of 1870, 1880 & 1890(4) resistances, that the price will climb early but close below resistance at days end for a few days until the real break happen.
S-T Resistances:
1910-12
1907
1900
Market Price: 1897
S-T Supprots:
1890
1885
1880
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
Gold has got close to our target 1915-20 level with the day-high 1912. Although the price has fallen before the market closing yesterday, the uptrend channel(1) is still valid in the 1-hr chart. Expect the price to trade within 1890-1910 for now.
The resistance is being strong near the 1900 level on the daily chart while the price failed to close above 1900 yesterday. The trading pattern is quite similar to the breaking of 1870, 1880 & 1890(4) resistances, that the price will climb early but close below resistance at days end for a few days until the real break happen.
S-T Resistances:
1910-12
1907
1900
Market Price: 1897
S-T Supprots:
1890
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 @ 1uptick Analytic
