Gold edged higher yesterday after hitting the weekly low. Early in the Asian session, the price broke the 1730 support and went all the way toward day low 1722. Then, the rebound stated at the US session breaking the S-T resistance line(2) and 1736. The day ended at 1745.
Gold was rejected by 1750 in the Asian session today. A fresh S-T resistance line(2) has just been formed, if this line(2) breaks, the price should move toward 1755 or higher. For now, the daily range should be between 1736-55.
The price touched near 1720 level yesterday. As mentioned before, if the structure of the double-bottom finalizes in the coming few days, the day-low near 1720 level should be as low as it can get before it breaks the 'neckline'; but before any breaking, M-T range-bound remains in 1680-1750. On the daily chart, the gold price is currently supporting at the newly formed M-T support line(4) & resisting at 1750 and the 50 days MA(5).
S-T Resistances:
1755-58
1750
1745
Market Price: 1744
S-T Supports:
1740
1736
1730
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Gold was rejected by 1750 in the Asian session today. A fresh S-T resistance line(2) has just been formed, if this line(2) breaks, the price should move toward 1755 or higher. For now, the daily range should be between 1736-55.
The price touched near 1720 level yesterday. As mentioned before, if the structure of the double-bottom finalizes in the coming few days, the day-low near 1720 level should be as low as it can get before it breaks the 'neckline'; but before any breaking, M-T range-bound remains in 1680-1750. On the daily chart, the gold price is currently supporting at the newly formed M-T support line(4) & resisting at 1750 and the 50 days MA(5).
S-T Resistances:
1755-58
1750
1745
Market Price: 1744
S-T Supports:
1740
1736
1730
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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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.