Gold Trend 02/12
Gold regained some ground yesterday. The market started at 1775. The price has broken the resistance of 1780 in the Asian session and jumped all the way to day-high 1794 in one boost. The price stayed within 1780-90 throughout the rest of the day. The day ended at 1781, up USD 7.
As mentioned previously, the selling pressure wasn't too strong after the Fed. chair's testimony, that's why the selling momentum has not been able to follow through yesterday. 1770-1803 remains the trading range for today, and the newly formed downtrend channel(2) will lead the market in S-T.
The overall trend in the daily chart is still downward. The current gradual decline has led the price range to lower from yesterday's 1780-1880 to now 1770-1795(4). If the price bread the support 1770, the drop may accelerate, and the following support will be at 1760.
S-T Resistances:
1792-94
1788
1780
Market price: 1778
S-T Supprots:
1775
1768-70
1760
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P. To
As mentioned previously, the selling pressure wasn't too strong after the Fed. chair's testimony, that's why the selling momentum has not been able to follow through yesterday. 1770-1803 remains the trading range for today, and the newly formed downtrend channel(2) will lead the market in S-T.
The overall trend in the daily chart is still downward. The current gradual decline has led the price range to lower from yesterday's 1780-1880 to now 1770-1795(4). If the price bread the support 1770, the drop may accelerate, and the following support will be at 1760.
S-T Resistances:
1792-94
1788
1780
Market price: 1778
S-T Supprots:
1775
1768-70
1760
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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