Gold Trend 03/09
Gold remained in a tight range again yesterday. The price has traded within 1810-16 throughout the day, and the same pattern occurred as the price went below 1810 during the US session again. The day ended near 1809, down by USD4. Before the US release its employment figures today, the gold price should continue to stay between 1810-16(2). Trend lines(1) are still in effect.
1810 is still the key support on the daily chart. But one thing worth noticing, it was the first time in a week that the market has closed below 1810, a slight reduction in buying support below 1810. This tiny difference can be a hint for the gold market heading into an S-T consolidation period.
S-T Resistances:
1823
1818-20
1815
Market price: 1812
S-T Supports:
1808-10
1805
1800
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P. To
1810 is still the key support on the daily chart. But one thing worth noticing, it was the first time in a week that the market has closed below 1810, a slight reduction in buying support below 1810. This tiny difference can be a hint for the gold market heading into an S-T consolidation period.
S-T Resistances:
1823
1818-20
1815
Market price: 1812
S-T Supports:
1808-10
1805
1800
If you like our work, 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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