Gold rebounded from the 1808 weekly low yesterday. The S-T trend hasn't changed much as the range is staying between 1812-26. After the price touched the low at 1808 with the market closed near 1826 yesterday, seems like buying orders are entering the market, the gold price may climb higher if it breaks the S-T resistance line(1).
As mentioned yesterday, the gold market is still waiting for a new M-T trend to be developed on the daily chart. The range is maintaining in 1815-40 for now. The price has peaked at near 1840 and 1815 is the current support. Gold needs to break the support line(2) in order to confirm an M-T downward move.
S-T Resistances:
1830
1828
1825-26
Market Price: 1821
S-T Supports:
1820
1815
1812
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As mentioned yesterday, the gold market is still waiting for a new M-T trend to be developed on the daily chart. The range is maintaining in 1815-40 for now. The price has peaked at near 1840 and 1815 is the current support. Gold needs to break the support line(2) in order to confirm an M-T downward move.
S-T Resistances:
1830
1828
1825-26
Market Price: 1821
S-T Supports:
1820
1815
1812
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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