Gold was bounded by a tight USD8 range yesterday, up slightly with USD4 gain. The pattern on the 1-hr chart hasn't changed much while the price is remaining in the uptrend channel(1). The trading volume is not as high as last week so far, therefore, it might take a bit more time for the market to break the next resistance at 1915. The horizontal trading range has been shifted from 1900-1910 to 1905-1915(2).
Carrying the buying momentum from last Friday, the price has gained slightly back from the weekend, but we can still feel the hesitation of buying entering the market. So far, the price is supporting at the S-T support line(3) on the daily chart. The pattern will only change if this support line(3) is broken.
S-T Resistances:
1930
1920
1915
Market Price: 1912
S-T Supports:
1910
1907
1900
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Carrying the buying momentum from last Friday, the price has gained slightly back from the weekend, but we can still feel the hesitation of buying entering the market. So far, the price is supporting at the S-T support line(3) on the daily chart. The pattern will only change if this support line(3) is broken.
S-T Resistances:
1930
1920
1915
Market Price: 1912
S-T Supports:
1910
1907
1900
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
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