Gold rallied from the bottom of the range yesterday. The price began its slide early in the Asian session, broke 1800 at the US session opening, and touched day low at 1790. The price bounded back to 1805 for the day's end.
As mentioned yesterday, still awaiting the next major structural change on the 1-hr chart, as the price has been trading within the 1790-1815(1) range for almost a week now. Overall, the price is still shifting up slightly by an uptrend channel(2), however, selling remains above 1810. For the next move, the price will need to clear the resistance between 1815-1818(3) in order for it to climb higher. But before any breakthrough happens, continue to take advantage of the 1790-1815 range !
Trend stays horizontal between 1795-1815(4) on the daily chart, nothing change yet. Be patient for the next break!
S-T Resistances:
1818
1815
1810
Market Price: 1809
S-T Supports:
1805
1800
1794-5
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As mentioned yesterday, still awaiting the next major structural change on the 1-hr chart, as the price has been trading within the 1790-1815(1) range for almost a week now. Overall, the price is still shifting up slightly by an uptrend channel(2), however, selling remains above 1810. For the next move, the price will need to clear the resistance between 1815-1818(3) in order for it to climb higher. But before any breakthrough happens, continue to take advantage of the 1790-1815 range !
Trend stays horizontal between 1795-1815(4) on the daily chart, nothing change yet. Be patient for the next break!
S-T Resistances:
1818
1815
1810
Market Price: 1809
S-T Supports:
1805
1800
1794-5
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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