Gold Trend 08/07
Gold was up slightly by USD7 yesterday. The price has begun its climb from 1795 early in the Asian session trading underneath the previous uptrend channel(1). It reached the day-high near 1809 at the US session opening with the day ended at 1803. Currently, the price is maintaining its path within the 1790-1815 zone(3). An S-T resistance line(2) has formed in the past 24 hours, the price will reach 1810 or above only if it breaks line(2)
The day-close above 1800 yesterday has neutralized the selling pressure from the day before. The trend on the daily chart is now sideway with the price is trapped by the zone(4). Awaiting for the breakthrough, the 20 days MA(5) is the support.
S-T Resistances:
1810
1805
1800
Market price: 1798
S-T Supports:
1794-5
1790
1787
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P. To
The day-close above 1800 yesterday has neutralized the selling pressure from the day before. The trend on the daily chart is now sideway with the price is trapped by the zone(4). Awaiting for the breakthrough, the 20 days MA(5) is the support.
S-T Resistances:
1810
1805
1800
Market price: 1798
S-T Supports:
1794-5
1790
1787
If you like our analysis, please give our team a thumbs up. Leave a comment, let us know what you think! Thank you!
P. To
P. To @ 1uptick Analytics
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