Gold Trend 06/05
Gold barely touched 1910 yesterday. Carried the buying momentum from the day before, gold has reached its early peak 1900 in the Asian session. After a brief consolidation during the European tradings, the buying resumed at the US session, pushing the price to the day-high 1910. But the buying momentum couldn't sustain; the price quickly went below 1900 with the day ending at 1876, down slightly by USD 4.
The US Fed Announcement has triggered the buying of gold; however, the climb was weaker than expected yesterday; the price had already turned south at 1910 and completely missed the key resistance of 1920. Expect the price to maintain within the 1865-1910 in S-T. Notice that the trading range has been narrowing down on the 1-hour chart since last Thursday; a triangle pattern(2) is now in effect before any breakout.
A bearish sign(3) has formed after the pullback yesterday. If the price fails to jump above the 100 days MA today, expect the price to touch again 1850(5) in the next few days or even lower toward the 250 days MA.
S-T Resistances:
1894
1888-90
1880
Market price: 1875
S-T Supprots:
1870
1865
1860
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P. To
The US Fed Announcement has triggered the buying of gold; however, the climb was weaker than expected yesterday; the price had already turned south at 1910 and completely missed the key resistance of 1920. Expect the price to maintain within the 1865-1910 in S-T. Notice that the trading range has been narrowing down on the 1-hour chart since last Thursday; a triangle pattern(2) is now in effect before any breakout.
A bearish sign(3) has formed after the pullback yesterday. If the price fails to jump above the 100 days MA today, expect the price to touch again 1850(5) in the next few days or even lower toward the 250 days MA.
S-T Resistances:
1894
1888-90
1880
Market price: 1875
S-T Supprots:
1870
1865
1860
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
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