Gold finally crossed the 1740 barrier yesterday. The price was traded between 1726-37 thought-out the day until the US FOMC announcement, it then jumped to day high 1751, ended the trading day at 1744. In S-T, the price should remains in an upward trend after it broke 1740 resistance(1). The upper resistance of the uptrend channel(2) should be the next target.
On the daily chart, the price is now standing firmly above the M-T support line(3) after the pass 2 days of trading, resuming its path within the wedge pattern(4).
S-T Resistances:
1767
1759-60
1755
Market Price: 1753
S-T Supports:
1750
1740-42
1735
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
On the daily chart, the price is now standing firmly above the M-T support line(3) after the pass 2 days of trading, resuming its path within the wedge pattern(4).
S-T Resistances:
1767
1759-60
1755
Market Price: 1753
S-T Supports:
1750
1740-42
1735
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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