Gold closed near 1896 yesterday, pretty much unchanged from the day before. The price is still trading within the S-T horizontal range 1890-1910(2) bounded by the uptrend channel(1). A new round of technical selling will be triggered if the price breaks the bottom support of the channel(1). On the upside, a new resistance line(3) has formed in the last 24 hours, if the price breaks this resistance(3), the price will go back to 1910, the top of the horizontal channel(2).
As mentioned yesterday, we can feel the hesitation of buying entering the market since the price has been trading above 1870. The resistance above 1900 is even stronger. The price touched 1912(4) the day before following the 1902 day-high yesterday, the pattern can be looked at as a reversal signal for M-T. To confirm an M-T downtrend, the market needs to go below support line(6) as a start. On the upside, for sure need to be aware, if the market is able to close above 1900 in the next few trading days, a new round of buying will be triggered.
S-T Resistances:
1910-12
1907
1900
Market price: 1892
S-T Supprots:
1890
1885
1880
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P. To
As mentioned yesterday, we can feel the hesitation of buying entering the market since the price has been trading above 1870. The resistance above 1900 is even stronger. The price touched 1912(4) the day before following the 1902 day-high yesterday, the pattern can be looked at as a reversal signal for M-T. To confirm an M-T downtrend, the market needs to go below support line(6) as a start. On the upside, for sure need to be aware, if the market is able to close above 1900 in the next few trading days, a new round of buying will be triggered.
S-T Resistances:
1910-12
1907
1900
Market price: 1892
S-T Supprots:
1890
1885
1880
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
P. To @ 1uptick Analytic
