Gold pulled back from the 1-week high yesterday. The price has kept on escalating during the Asian & European session after the market opened at 1764. The price once touched the high at 1785, but selling began thereafter. The day ended at 1769, up slightly by USD 4.
The price overall was in line with yesterday's expectation. Although the price has crossed the 1780 barrier after the US housing figures, it was quickly pulled back by those selling and profit-taking orders. A new S-T downward resistance line(2)has been formed in the past 24 hours, with the still in effect support line(1.1) from the uptrend channel(1), mind the triangular pattern(3) in the next 12 hours. A breakout of the pattern will trigger some rapid movement. In general, 1780 is still the major resistance on the 1-hour chart.
The pulled back yesterday has once again created a strong selling signal(4). 1780(6) is the key upper resistance on the daily chart. If the price is not able to get past 1780 in the next 2 trading days, the gold price will naturally escape the current uptrend channel(5), then can prepare some consolidation to come in the following days.
S-T Resistances:
1788
1780
1776
Market price: 1774
S-T Supports:
1768-70
1760
1755
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The price overall was in line with yesterday's expectation. Although the price has crossed the 1780 barrier after the US housing figures, it was quickly pulled back by those selling and profit-taking orders. A new S-T downward resistance line(2)has been formed in the past 24 hours, with the still in effect support line(1.1) from the uptrend channel(1), mind the triangular pattern(3) in the next 12 hours. A breakout of the pattern will trigger some rapid movement. In general, 1780 is still the major resistance on the 1-hour chart.
The pulled back yesterday has once again created a strong selling signal(4). 1780(6) is the key upper resistance on the daily chart. If the price is not able to get past 1780 in the next 2 trading days, the gold price will naturally escape the current uptrend channel(5), then can prepare some consolidation to come in the following days.
S-T Resistances:
1788
1780
1776
Market price: 1774
S-T Supports:
1768-70
1760
1755
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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