Gold Trend 02/03
Gold gained USD 36 yesterday. The market opened at 1908; the climb began early in the Asian session after a short consolidation toward 1900. The price broke out from downward trendline(1) and the critical resistance 1930(2), climbed all-the-way to 1950 ending the day at 1944,
The gain yesterday was triggered by news again from Ukrain, with the oil price leading the market and gold lagging. The uptrend has resumed. After the price broke out from the 1880-1930(6) range yesterday, expect the price to reach 1980 technically with a 1:1 ratio measurement. An S-T support line(5) has formed in the last 24 hours. 1930-50(4) should be the range in early trading today.
Gold was finally able to close above 1910 on the daily chart. As it has escaped the uptrend channel, the next significant resistance is 1950 (following 1975/2000). Major supports to the downside 1930/1920/1900.
S-T Resistances:
1965
1950
1940
Market price: 1935
S-T Supports:
1930-27
1920
1915
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P. To
The gain yesterday was triggered by news again from Ukrain, with the oil price leading the market and gold lagging. The uptrend has resumed. After the price broke out from the 1880-1930(6) range yesterday, expect the price to reach 1980 technically with a 1:1 ratio measurement. An S-T support line(5) has formed in the last 24 hours. 1930-50(4) should be the range in early trading today.
Gold was finally able to close above 1910 on the daily chart. As it has escaped the uptrend channel, the next significant resistance is 1950 (following 1975/2000). Major supports to the downside 1930/1920/1900.
S-T Resistances:
1965
1950
1940
Market price: 1935
S-T Supports:
1930-27
1920
1915
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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