Since October 2022, Gold has demonstrated a persistent upward trend, characterized by a well-defined channel on the weekly chart. However, May 2023 witnessed a significant structural shift as Gold broke its established pattern on the daily time frame, leading to a support-resistance flip. The resistance level now stands at 1980, while support is estimated around 1925.
Range Analysis on the 4-Hour Chart:
Gold has an updated support of approx. 1927, and a resistance of 1939. Price wicked down to 1919 in the US session yesterday, though price quickly entered back into the range again and hasn't been able to sustain a close below 1927.
Asia Session Analysis on the 30-Minute Chart (22/06/2023):
During the Asia morning session, Gold has not had any major developments, support is sitting at 1931.67 and resistance of 1934.26. A Break out can be expected in the Tokyo/London session
Look to trade the breakout below 1931.67 or above 1934.
Look to exit the break out of the buy and open a sell at 1939.41,1947.20 or 1956.77
Look to exit the break out of the sell and open a buy at 1927.22, 1923.47, 1919.32 or 1931.67
Range Analysis on the 4-Hour Chart:
Gold has an updated support of approx. 1927, and a resistance of 1939. Price wicked down to 1919 in the US session yesterday, though price quickly entered back into the range again and hasn't been able to sustain a close below 1927.
Asia Session Analysis on the 30-Minute Chart (22/06/2023):
During the Asia morning session, Gold has not had any major developments, support is sitting at 1931.67 and resistance of 1934.26. A Break out can be expected in the Tokyo/London session
Look to trade the breakout below 1931.67 or above 1934.
Look to exit the break out of the buy and open a sell at 1939.41,1947.20 or 1956.77
Look to exit the break out of the sell and open a buy at 1927.22, 1923.47, 1919.32 or 1931.67