Gold reached a new 2-weeks high yesterday. Carried the buying momentum from the day before, the price has kept on moving higher since the day began at 1966. It reached the day-high 1981 at the US session, and the day ended at 1977, up by USD 11.
Gold seems to begin its holiday a bit earlier then expected; yesterday's range during the US session was tight within 1975-81(1). This morning, the price broke the support from trendline(2); the recently accelerated uptrend is now slowing down. Expect the price to be bounded between 1965-81 before the holiday, but need to be aware before the market closes for the holiday, the S-T risk premium in the investment may increase, supporting the gold price.
The uptrend in the daily chart has continued as gold successfully escaped the horizontal range of 1895-1965 yesterday. The buying above 1975 isn't strong, and
the price may need to consolidate, toward 1958-65(4), before it can break higher.
S-T Resistances:
1990
1978-80
1974
Market price: 1972
S-T Supports:
1965
1960
1951-50
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
Gold seems to begin its holiday a bit earlier then expected; yesterday's range during the US session was tight within 1975-81(1). This morning, the price broke the support from trendline(2); the recently accelerated uptrend is now slowing down. Expect the price to be bounded between 1965-81 before the holiday, but need to be aware before the market closes for the holiday, the S-T risk premium in the investment may increase, supporting the gold price.
The uptrend in the daily chart has continued as gold successfully escaped the horizontal range of 1895-1965 yesterday. The buying above 1975 isn't strong, and
the price may need to consolidate, toward 1958-65(4), before it can break higher.
S-T Resistances:
1990
1978-80
1974
Market price: 1972
S-T Supports:
1965
1960
1951-50
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
