Gold Trend 30/07
The gold price is now consolidating horizontally within 1825-1830 while the S-T uptrend(1) originated from Wednesday has finished today early in the Asian session. The trading strategy for today is relatively simple as the price approaching 1835. If the price breaks the 1835 resistance at the US session, the next target should be near 1845; on the other hand, if the buying momentum is not strong enough to push the price higher, the gold should remain within 1818-1835.
A new uptrend channel(5) has formed after the price began its rebound 2 days ago. The gold price has touched the top of the range near 1825 on the daily chart. The key resistance is now sitting at 1835.
S-T Resistances:
1845
1840
1833-25
Market price: 1828
S-T Supports:
1825
1820
1815
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P. To
A new uptrend channel(5) has formed after the price began its rebound 2 days ago. The gold price has touched the top of the range near 1825 on the daily chart. The key resistance is now sitting at 1835.
S-T Resistances:
1845
1840
1833-25
Market price: 1828
S-T Supports:
1825
1820
1815
If you like our analysis, please 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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