Gold jumped over USD10 yesterday. The price was trading between 1760-68 early in the Asian/European session until it broke out from the 1768-70 resistance(1). It reached a day-high near 1781 at the US session opening, and the day ended near 1773.
Since the price began its rebound from the low 1741 on Monday, an S-T uptrend channel(2) has formed in the past 24 hours. The price is now resisted by 1780(3), but the downward resistance line(4) will be more key for the 1-hour chart. If the price breaks out from trend (4), the bear trend originated from Sep. 03 will officially be finished. The market will then can be targeted toward the previous peak near 1808.
Although the rebound from "wave 4" so far is stronger than expected, as long as the price stays below 1780(5.1), the wave pattern(5) is still good on the daily chart.
S-T Resistances:
1890
1785
1780-81
Market price: 1778
S-T Supports:
1775
1768-70
1765
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Since the price began its rebound from the low 1741 on Monday, an S-T uptrend channel(2) has formed in the past 24 hours. The price is now resisted by 1780(3), but the downward resistance line(4) will be more key for the 1-hour chart. If the price breaks out from trend (4), the bear trend originated from Sep. 03 will officially be finished. The market will then can be targeted toward the previous peak near 1808.
Although the rebound from "wave 4" so far is stronger than expected, as long as the price stays below 1780(5.1), the wave pattern(5) is still good on the daily chart.
S-T Resistances:
1890
1785
1780-81
Market price: 1778
S-T Supports:
1775
1768-70
1765
If you like our work, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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