Gold pulled away from the 2-week high yesterday. The day began at 1865, and the market touched the day-high 1868 early in the Asian session. The S-T consolidation has been triggered by the price clearing the supporting trendline(1) before the European session. The price reached the day-low at 1841 before the US released its Feb. meeting minutes. The day ended at 1851, down by USD 13.
The buying momentum has slowed down after the price has touched twice above 1865 in the past 48 hours. While the price is testing the bottom limit of the current uptrend channel(2), a new round of selling toward yesterday's low of 1840 or lower 1830 may happen if the price escapes this uptrend channel(2). Whatever happens in the next 24 hours, 1830-65 should be the trading range before the weekend.
The price successfully defended the 20 days MA yesterday as the market closed at 1852 on the daily chart. As mentioned yesterday, the buying momentum has been slowing down so far, and the buying momentum has yet to pick up again. The upside target at the 100 days MA remains unchanged for the moment, as long as the price stays above the 250 days MA (5).
S-T Resistances:
1865
1860
1850-53
Market price: 1845
S-T Supprots:
1840-43
1835
1830
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The buying momentum has slowed down after the price has touched twice above 1865 in the past 48 hours. While the price is testing the bottom limit of the current uptrend channel(2), a new round of selling toward yesterday's low of 1840 or lower 1830 may happen if the price escapes this uptrend channel(2). Whatever happens in the next 24 hours, 1830-65 should be the trading range before the weekend.
The price successfully defended the 20 days MA yesterday as the market closed at 1852 on the daily chart. As mentioned yesterday, the buying momentum has been slowing down so far, and the buying momentum has yet to pick up again. The upside target at the 100 days MA remains unchanged for the moment, as long as the price stays above the 250 days MA (5).
S-T Resistances:
1865
1860
1850-53
Market price: 1845
S-T Supprots:
1840-43
1835
1830
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
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