Gold Trend 19/05
A tight range-bound for gold yesterday. The day began at 1814, and the price was basically traded between 1810-20 throughout the day. The day ended at 1816, up slightly by USD 1.
The price maintains its horizontal path within 1800-30(3) in the 1-hour chart and can continue to take advantage of the range until it breaks. A new downward resistance line(1) has formed in the past 48 hours; once the price breaks out from this line(1), the previous selling momentum will slow down further.
Gold is still bearish until it escapes the downtrend channel(5). 1810(4) is still the critical support; a new round of selling will be triggered if the price closes below 1810 on the daily chart.
S-T Resistances:
1830
1825
1820
Market price: 1814
S-T Supports:
1810
1805
1800
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P. To
The price maintains its horizontal path within 1800-30(3) in the 1-hour chart and can continue to take advantage of the range until it breaks. A new downward resistance line(1) has formed in the past 48 hours; once the price breaks out from this line(1), the previous selling momentum will slow down further.
Gold is still bearish until it escapes the downtrend channel(5). 1810(4) is still the critical support; a new round of selling will be triggered if the price closes below 1810 on the daily chart.
S-T Resistances:
1830
1825
1820
Market price: 1814
S-T Supports:
1810
1805
1800
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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