Gold maintained its trade within the range yesterday. The market had opened at 1796 early in the Asian session and the price was gradually on its way up. The volatility had increased at the US session during the time of releasing the economic figures. The price climbed to day-high 1810 and quickly fell back to day-low near 1791. The day ended near 1798, up slightly by USD2.
At this point, continue to take advantage of the 1788-1813(2) horizontal range before the breakout on the 1-hour chart. The bottom trendline of channel(1) remains the key support in the downside.
The horizontal range(3) pattern has finally spread from the 1-hour chart to the daiy chart now. The 250 days MA(4) is still the key resistance. On the daily chart, the gold price needs to breakout to the upside before next Wed., otherwise, the price will naturally escape the uptrend channel(5) and enter a new period of horizontal range or downward trend.
S-T Resistances:
1810-13
1805
1800
Market price: 1796
S-T Supports:
1793
1788
1780
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At this point, continue to take advantage of the 1788-1813(2) horizontal range before the breakout on the 1-hour chart. The bottom trendline of channel(1) remains the key support in the downside.
The horizontal range(3) pattern has finally spread from the 1-hour chart to the daiy chart now. The 250 days MA(4) is still the key resistance. On the daily chart, the gold price needs to breakout to the upside before next Wed., otherwise, the price will naturally escape the uptrend channel(5) and enter a new period of horizontal range or downward trend.
S-T Resistances:
1810-13
1805
1800
Market price: 1796
S-T Supports:
1793
1788
1780
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
