Gold rallied to a weekly low yesterday. The market opened near day high yesterday. Once the price touched 1822 early in the Asian session, it sunk all the way to the day low at 1808. Volatility has increased during the US session, but the price has been able to maintain its path within 1810-20, The day ended near 1813, down by USD 4.
Although S-T selling has been triggered by the price breaking through the 1815(1) support level yesterday in the 1-hour chart, the market has shown strong support between 1808-10(2). As the volatility increases, the S-T trading range is now being widened to 1808-28(3), with the price under pressure by the newly formed resistance line(4). The expectation of the price breaking the resistance of 1835 toward 1870 is still valid, but once again being patient is the key. (Notice silver has been making a new 2-months highs for 2 consecutive days now)
After the price dove to 1808 yesterday, the development of the pattern(7) on the daily chart has become quite interesting on the daily chart, where it provides a perfect springboard for the gold to jump above 1835. The price will maintain with the range of 1815-31(5) in S-T. If the price breaks the resistance, expect the price to respect the uptrend channel(6) toward 1870.
S-T Resistances:
1830-32
1825
1820
Market price: 1818
S-T Supprots:
1815
1810-08
1802-00
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P. To
Although S-T selling has been triggered by the price breaking through the 1815(1) support level yesterday in the 1-hour chart, the market has shown strong support between 1808-10(2). As the volatility increases, the S-T trading range is now being widened to 1808-28(3), with the price under pressure by the newly formed resistance line(4). The expectation of the price breaking the resistance of 1835 toward 1870 is still valid, but once again being patient is the key. (Notice silver has been making a new 2-months highs for 2 consecutive days now)
After the price dove to 1808 yesterday, the development of the pattern(7) on the daily chart has become quite interesting on the daily chart, where it provides a perfect springboard for the gold to jump above 1835. The price will maintain with the range of 1815-31(5) in S-T. If the price breaks the resistance, expect the price to respect the uptrend channel(6) toward 1870.
S-T Resistances:
1830-32
1825
1820
Market price: 1818
S-T Supprots:
1815
1810-08
1802-00
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
P. To @ 1uptick Analytic
