Gold Trend 21/01
Gold stalled near the 2-months high. The market opened at 1840, and the price has been bounded between 1835-40 throughout the Asian & European session. The gold price brushed to a new 2-months high at the US session, however, the buying momentum hasn't been able to follow through. The day ended at 1839, practically unchanged from the previous day.
Trading was in line with our expectations yesterday, where the price has touched a new high but stayed underneath 1850. The price should stay below the 1850 barrier before the weekend. Expect the price to maintain its path within 1830-50, consolidating toward the bottom of the range 1830-35 within the day.
An S-T reversal signal(2) has appeared in the daily chart after the pull-back yesterday. Together with the price touching the top of the uptrend channel(3), an S-T consolidation pattern may begin.
S-T Resistances:
1855
1850
1843
Market price: 1841
S-T Supports:
1835
1830-28
1825
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P. To
Trading was in line with our expectations yesterday, where the price has touched a new high but stayed underneath 1850. The price should stay below the 1850 barrier before the weekend. Expect the price to maintain its path within 1830-50, consolidating toward the bottom of the range 1830-35 within the day.
An S-T reversal signal(2) has appeared in the daily chart after the pull-back yesterday. Together with the price touching the top of the uptrend channel(3), an S-T consolidation pattern may begin.
S-T Resistances:
1855
1850
1843
Market price: 1841
S-T Supports:
1835
1830-28
1825
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 @ 1uptick Analytics
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