The price has fallen to 1869 before the US session opening yesterday, but it rallied from the weekly low right after the US CPI figures, and the market ended near day-high around 1898. Although gold is now back to the 1880-1910 price range and broke the resistance line(1), the rebounding momentum from 1869 is not strong at all yesterday. S-T the price might touch the upper resistance of the range, but it should be hard to break through this barrier without additional stimulation.
Once again, the price touched the M-T support line(3) on the daily chart and rebound quickly. The S-T trend is trading sideways for now, but the pattern and the formation of the rebounds(2) are indicating a sign of the bull in M-T.
S-T Resistances:
1900
1895
1890
Market price: 1889
S-T Supprots:
1884
1880
1875
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P. To
Once again, the price touched the M-T support line(3) on the daily chart and rebound quickly. The S-T trend is trading sideways for now, but the pattern and the formation of the rebounds(2) are indicating a sign of the bull in M-T.
S-T Resistances:
1900
1895
1890
Market price: 1889
S-T Supprots:
1884
1880
1875
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.