Gold edged to a 2-month peak yesterday. Back from the weekend, the market came back to open near 1815 and the price has been rejected by 1820 thought-out the Asian and European session. Until the US session, gold reached the 2-month peak at 1827. The day ended near 1824, up by USD 6.
The trading range was relatively tight yesterday, merely @ USD 14. The S-T trend is still running within a narrow uptrend channel(1). Unless the price is able to push higher in the near term, this current steep and tight uptrend channel(1) will be hard to sustain. As mentioned yesterday, expect the channel to be widened. 1807-1833(2) should be the preliminary range for today with 1825 being the S-T resistance.
The overall trend is still dominated by the 1720-1835(3) range on the daily chart. Buying momentum has slowed down while the price is approaching the top of the range. Notice, the resistance above 1825 has been strong so far, as the price has failed to stay above 1825(4) for over 48 hours since July. The break out from the downward trendline(5) yesterday is yet to be confirmed since the momentum and volume didn't seem to be significant enough.
S-T Resistances:
1833
1830
1825
Market price: 1822
S-T Supports:
1820
1815
1807-09
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P. To
The trading range was relatively tight yesterday, merely @ USD 14. The S-T trend is still running within a narrow uptrend channel(1). Unless the price is able to push higher in the near term, this current steep and tight uptrend channel(1) will be hard to sustain. As mentioned yesterday, expect the channel to be widened. 1807-1833(2) should be the preliminary range for today with 1825 being the S-T resistance.
The overall trend is still dominated by the 1720-1835(3) range on the daily chart. Buying momentum has slowed down while the price is approaching the top of the range. Notice, the resistance above 1825 has been strong so far, as the price has failed to stay above 1825(4) for over 48 hours since July. The break out from the downward trendline(5) yesterday is yet to be confirmed since the momentum and volume didn't seem to be significant enough.
S-T Resistances:
1833
1830
1825
Market price: 1822
S-T Supports:
1820
1815
1807-09
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 Analytic
