Gold stayed near the 5-months high yesterday. The market opened near 1848.
The price had maintained its path upward since it touched the day-low early in the Asian session. Day-high 1865 was reached during the US session and the day ended near 1861, up by USD 13.
Carried the buying momentum from the day before, the price has once again returned to 1860 above. The price is still running in the S-T uptrend channel(1). It will trigger a round of selling if the price escapes the channel to the downside, the target can be set near 1833 just in case.
On the daily chart, the S-T price pattern is currently bounded by the retraced range of 1848-68(3) from the day before. Although the M-T/L-T trend is upward, resistance near 1868 remains strong. The price will need to consolidate lower in order for it to springboard higher.
S-T Resistances:
1868
1860-62
1855
Market price: 1853
S-T Supports:
1850
1845
1840
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The price had maintained its path upward since it touched the day-low early in the Asian session. Day-high 1865 was reached during the US session and the day ended near 1861, up by USD 13.
Carried the buying momentum from the day before, the price has once again returned to 1860 above. The price is still running in the S-T uptrend channel(1). It will trigger a round of selling if the price escapes the channel to the downside, the target can be set near 1833 just in case.
On the daily chart, the S-T price pattern is currently bounded by the retraced range of 1848-68(3) from the day before. Although the M-T/L-T trend is upward, resistance near 1868 remains strong. The price will need to consolidate lower in order for it to springboard higher.
S-T Resistances:
1868
1860-62
1855
Market price: 1853
S-T Supports:
1850
1845
1840
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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