The gold market was relatively stable yesterday. The price touched day-low 1865 after it has broken the S-T support line(1). Then gold has begun its rebound at the US session, climbed all the way to day-high 1883. The market ended near 1877.
The price is now bounding within the 1855-90(2) range, with a downward resistance line(3) formed in the past 48 hours. An uptrend channel(4) is now pushing the price higher in S-T. It will trigger selling toward 1864 if the price breaks the support of this channel.
Gold failed to close below 1870 yesterday, therefore, the reversal has yet to be formed, momentum remains upward. Resistance is now shifted to 1880, expect the price to hover around 1870-80 before it climbs any higher.
S-T Resistance:
1890
1885
1878-80
Market Price: 1875
S-T Supports:
1870
1864
1860
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The price is now bounding within the 1855-90(2) range, with a downward resistance line(3) formed in the past 48 hours. An uptrend channel(4) is now pushing the price higher in S-T. It will trigger selling toward 1864 if the price breaks the support of this channel.
Gold failed to close below 1870 yesterday, therefore, the reversal has yet to be formed, momentum remains upward. Resistance is now shifted to 1880, expect the price to hover around 1870-80 before it climbs any higher.
S-T Resistance:
1890
1885
1878-80
Market Price: 1875
S-T Supports:
1870
1864
1860
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.