Gold gained USD 17 yesterday, approaching $1800. The market opened at the day-low near 1775 level. The first attempt toward 1790 was failed early in the Asian session, and it broke the 1790(1) resistance at its second trial in the US session. The price then went all the way to the day-high near 1797. The day ended at 1893.
An S-T support line(2) has been formed in the last 48 hours on the 1-hr chart. The buying momentum will continue to push the price toward the upper resistance of the uptrend channel(3) as long as the price runs above this support line(2)
Gold broke the M-T resistance line(4) on the daily chart yesterday, showing a strong sign of buying. Unless a clear reservseal signal appears, the M-T trend remains bullish. Need to pay close attention on any rapid consolidation in the coming 48 hours while the daily market range remains tight. The next resistances are now the 50 days MA(5) and 1809.
S-T Resistances:
1804
1797-1800
1793
Market Price: 1791
S-T Supports:
1790-88
1783
1780
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An S-T support line(2) has been formed in the last 48 hours on the 1-hr chart. The buying momentum will continue to push the price toward the upper resistance of the uptrend channel(3) as long as the price runs above this support line(2)
Gold broke the M-T resistance line(4) on the daily chart yesterday, showing a strong sign of buying. Unless a clear reservseal signal appears, the M-T trend remains bullish. Need to pay close attention on any rapid consolidation in the coming 48 hours while the daily market range remains tight. The next resistances are now the 50 days MA(5) and 1809.
S-T Resistances:
1804
1797-1800
1793
Market Price: 1791
S-T Supports:
1790-88
1783
1780
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To @ 1uptick Analytic
