Gold Trend 20/08
Gold dropped slightly yesterday. Overall the price has traded between 1775-93 throughout the day without much difference from the day before.
The gold price has started to escape the S-T channel(1) that we mentioned yesterday, created a new resistance line(2) in the past 24 hours. The upward flag pattern is still under development. The key breakout remains at 1790-93 on the 1-hour chart. On the other hand, the trend line(1.1) continues to be the major support for the flag structure. Expecting a pattern to appear in the next 48 hours for now.
The price remains to trade within the 1775-93(4) range yesterday, it's the first time this week that the price closes below 1780 on the daily chart. A slight pattern change is always the start of a new pattern.
S-T Resistances:
1800
1797
1790-93
Market price: 1785
S-T Supports:
1780
1775
1770
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P. To
The gold price has started to escape the S-T channel(1) that we mentioned yesterday, created a new resistance line(2) in the past 24 hours. The upward flag pattern is still under development. The key breakout remains at 1790-93 on the 1-hour chart. On the other hand, the trend line(1.1) continues to be the major support for the flag structure. Expecting a pattern to appear in the next 48 hours for now.
The price remains to trade within the 1775-93(4) range yesterday, it's the first time this week that the price closes below 1780 on the daily chart. A slight pattern change is always the start of a new pattern.
S-T Resistances:
1800
1797
1790-93
Market price: 1785
S-T Supports:
1780
1775
1770
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
P. To @ 1uptick Analytics
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