Gold rallied from the 2-week low yesterday. The market opened at 1920, and the price has basically traded between 1908-30(2) throughout the day before the US fed. Meeting. The price touched the 2-week low, 1894, at the Fed.'s announcement, but the price has rebounded before the day's end. The market closed at 1926, up by US 8.
AS mentioned yesterday, the gold has entered a period of range-bound(2) after it escaped the downward trendline(1). And the rally after the Fed. The meeting is now shifting the direction upward on the 1-hour chart, with the upside target at 1950. Worth noticing, the overall trading volume in the gold market is relatively low compared to the previous week, expect the price to trade between 1890-1950 for now in the next 48-72 hours.
A reversal signal(4) has occurred after the rally yesterday; the downtrend that originated from 2058 now comes to an end. The 20 days MA(5) can be set as the S-T target for now, and if the price jump further, 1950 & 1980 should be the target to the upside.
S-T Resistances:
1960
1950
1940-41
Market Price: 1932
S-T Supports:
1930
1925
1920
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AS mentioned yesterday, the gold has entered a period of range-bound(2) after it escaped the downward trendline(1). And the rally after the Fed. The meeting is now shifting the direction upward on the 1-hour chart, with the upside target at 1950. Worth noticing, the overall trading volume in the gold market is relatively low compared to the previous week, expect the price to trade between 1890-1950 for now in the next 48-72 hours.
A reversal signal(4) has occurred after the rally yesterday; the downtrend that originated from 2058 now comes to an end. The 20 days MA(5) can be set as the S-T target for now, and if the price jump further, 1950 & 1980 should be the target to the upside.
S-T Resistances:
1960
1950
1940-41
Market Price: 1932
S-T Supports:
1930
1925
1920
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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