Gold continued to hover near 1835 yesterday. The price cleared the support of 1830 early in the Asian session and touched the day-low near 1822 during the European session. While the market approached the US session, the market turned active; a new round of buying entered the market once the price cleared the downward resistance line(2). The price touched the day-high near 1848 but retraced toward 1837 for the day's end.
Althought gold has broken out from both the S-T downside support at 1830(1) and the resistance trendline(2) with increased daily fluctuation, the market has yet to find a clear direction. After yesterday's movement, +/- 10 of 1835(4) should be the range until the price breaks clear again.
The price has failed to pull away from the 250 days MA(5) yesterday. The closing price on the daily chart outside the 1830-40 range should be the key to notice for the next few trading days. It will be the first sign of gold exposing its next movement.
S-T Resistances:
1847-50
1840
1833-35
Market price: 1832
S-T Supports:
1830
1820
1810-08
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Althought gold has broken out from both the S-T downside support at 1830(1) and the resistance trendline(2) with increased daily fluctuation, the market has yet to find a clear direction. After yesterday's movement, +/- 10 of 1835(4) should be the range until the price breaks clear again.
The price has failed to pull away from the 250 days MA(5) yesterday. The closing price on the daily chart outside the 1830-40 range should be the key to notice for the next few trading days. It will be the first sign of gold exposing its next movement.
S-T Resistances:
1847-50
1840
1833-35
Market price: 1832
S-T Supports:
1830
1820
1810-08
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
