Gold Trend 05/05
Gold rebounded from 1850 yesterday. The day began at 1868. Waiting for the result from US Fed. Meeting, the price has been trading in a tight range between 1862-72 throughout the day. Buying orders have started to enter the market after the US Fed. Announcement breaking the 1880(1) resistance, and went to the 1889 day-high. The day ended at 1881, up by USD 12.
Carried the buying momentum from the day's end yesterday, the price has broken out from the resistance trendline(2) early in the Asian session today. The downtrend originated from 1998 is now come to an end. Entering into the range-bound of 1880-1920(3) now, expect the price to touch the top of the range near 1920 in S-T.
After the rebound yesterday, gold has found its bottom on the daily chart. 1920(5) should be the 1st target for the upside. If the price goes beyond 1920 in the next few trading days, the downward trendline(6) should be the next target.
S-T Resistances:
1920
1915
1908-10
Market price: 1903
S-T Supports:
1900
1894
1890-88
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
Carried the buying momentum from the day's end yesterday, the price has broken out from the resistance trendline(2) early in the Asian session today. The downtrend originated from 1998 is now come to an end. Entering into the range-bound of 1880-1920(3) now, expect the price to touch the top of the range near 1920 in S-T.
After the rebound yesterday, gold has found its bottom on the daily chart. 1920(5) should be the 1st target for the upside. If the price goes beyond 1920 in the next few trading days, the downward trendline(6) should be the next target.
S-T Resistances:
1920
1915
1908-10
Market price: 1903
S-T Supports:
1900
1894
1890-88
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 @ 1uptick Analytics
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.