Gold Trend 25/03
Following the Fed meeting, gold reached a new all-time high of 2222 last week. However, it failed to stay above 2200 and retraced quickly below the previous high of 2195 within 24 hours. This Friday is a US holiday, but the inflation data(PCE price index) will still be released. Make sure you pay close attention to market volatility at the late Friday session and the early Monday Asian session, and exercise caution in managing risks.
1-hr chart - The price broke through the S-T resistance(1) last week and reached our target range of 2185-2190 (2). Although it subsequently reached a new high, the price is now falling back to 2147-90(3). The resistance zone of 2186-90(2) is still valid. Take advantage of the rebound driven by the newly formed upward channel(4) at the beginning of this week, and expect the price to be bound within 2147-90 (3) in S-T until another news breaks out.
Daily chart - After the quick pull-back after the Fed. Meeting last week, a reserval signal(5) has appeared. Unless the gold price can close above 2190 on the daily chart, an S-T consolidation period is likely to occur in the next two weeks. Again, 2147 is the key support level, once its clear the next support will be at the 20-day MA.
S-T resistances:
2190
2185
2180
Market price: 2175
S-T supports:
2168
2160
2155
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P. To
1-hr chart - The price broke through the S-T resistance(1) last week and reached our target range of 2185-2190 (2). Although it subsequently reached a new high, the price is now falling back to 2147-90(3). The resistance zone of 2186-90(2) is still valid. Take advantage of the rebound driven by the newly formed upward channel(4) at the beginning of this week, and expect the price to be bound within 2147-90 (3) in S-T until another news breaks out.
Daily chart - After the quick pull-back after the Fed. Meeting last week, a reserval signal(5) has appeared. Unless the gold price can close above 2190 on the daily chart, an S-T consolidation period is likely to occur in the next two weeks. Again, 2147 is the key support level, once its clear the next support will be at the 20-day MA.
S-T resistances:
2190
2185
2180
Market price: 2175
S-T supports:
2168
2160
2155
If you like my work, please give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
P. To @ 1uptick Analytics
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