Gold Trend 29/07
Gold started to rebound yesterday. The price has traded between 1794-1810 throughout the day until the US Fed. meeting. The day ended at 1806, up by USD 6.
As mentioned at the beginning of the week, it's about time for the price to break the S-T resistance line(1). The formation of the pattern (2) confirms now, 1st target for the climb should be near 1825 and the S-T resistance is now sitting at 1815-1818 just like last week.
The price is still bounded by the 1795-1825 range on the daily chart. After the price touched the bottom of the range 2 days back, the price should be able to reach the top of the range around 1815 now.
S-T Resistances:
1830
1815
1818
Market price: 1815
S-T Supprots:
1810
1805
1800
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
As mentioned at the beginning of the week, it's about time for the price to break the S-T resistance line(1). The formation of the pattern (2) confirms now, 1st target for the climb should be near 1825 and the S-T resistance is now sitting at 1815-1818 just like last week.
The price is still bounded by the 1795-1825 range on the daily chart. After the price touched the bottom of the range 2 days back, the price should be able to reach the top of the range around 1815 now.
S-T Resistances:
1830
1815
1818
Market price: 1815
S-T Supprots:
1810
1805
1800
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
P. To @ 1uptick Analytics
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