Gold finally escaped the triangle pattern yesterday. It was bounded by the resistance and support of the triangle(1) early in the Asian and European session. Buying orders were triggered by the breaking of the resistance line(2) during the US session, the price then went all the way to 1900, ended the day at 1899.
Gold closed near day high yesterday, showing not too much profit-taking action before the day's end, a sign of bull dominating the market. Gold broke the range 1855-1890 yesterday after almost 5 days of the side-way movements. By measuring the price range(3), we can now aim for a 1:1 price movement, 1915-20 should be the preliminary target. Using the uptrend channel(1.1) as a reference, the target should be reached in the next 48 hours.
The M-T trend remains upward on the daily chart. After the price broke the 1890 resistance yesterday, the buying should remain strong in S-T. The next major resistance is now sitting near 1915.
S-T Resistances:
1915
1910
1907
Market price: 1905
S-T Supports:
1900
1890
1885
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P. To
Gold closed near day high yesterday, showing not too much profit-taking action before the day's end, a sign of bull dominating the market. Gold broke the range 1855-1890 yesterday after almost 5 days of the side-way movements. By measuring the price range(3), we can now aim for a 1:1 price movement, 1915-20 should be the preliminary target. Using the uptrend channel(1.1) as a reference, the target should be reached in the next 48 hours.
The M-T trend remains upward on the daily chart. After the price broke the 1890 resistance yesterday, the buying should remain strong in S-T. The next major resistance is now sitting near 1915.
S-T Resistances:
1915
1910
1907
Market price: 1905
S-T Supports:
1900
1890
1885
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
