An interesting trading day for Gold yesterday. The market opened near 1869. The break of the S-T support line(1) early in the Asian session has triggered selling toward day-low 1851. Then the price quickly rebound at the US session opening, climbed all the way to the 3-months high at 1890. After all the choppy movements, the market closed at 1869, basically unchanged for the day.
The price is now testing the resistance @ 1875, but the buying so far is not strong enough to escape cleanly away from 1875. An S-T support line(2) has formed in the past 24 hours, if the price can break this support line, gold will consolidate toward 1864 and possibly lower.
Gold is still being supported by the M-T support line(3), maintaining its course upward on the daily chart. After a few attempts, the price has failed to close above 1870 this week, so far the selling is obviously strong above 1870 and a triangle pattern has formed(4). The candle yesterday(5) can serve as a reversal signal, it is going to be a key turning point in the coming 24 hours. If the price stays below 1870 for closing today, the gold market will start to retrace, 1st target around 1840.
S-T Resistances:
1890
1885
1878-80
Market Price: 1875
S-T Supports:
1870
1864
1860
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
The price is now testing the resistance @ 1875, but the buying so far is not strong enough to escape cleanly away from 1875. An S-T support line(2) has formed in the past 24 hours, if the price can break this support line, gold will consolidate toward 1864 and possibly lower.
Gold is still being supported by the M-T support line(3), maintaining its course upward on the daily chart. After a few attempts, the price has failed to close above 1870 this week, so far the selling is obviously strong above 1870 and a triangle pattern has formed(4). The candle yesterday(5) can serve as a reversal signal, it is going to be a key turning point in the coming 24 hours. If the price stays below 1870 for closing today, the gold market will start to retrace, 1st target around 1840.
S-T Resistances:
1890
1885
1878-80
Market Price: 1875
S-T Supports:
1870
1864
1860
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
P. To @ 1uptick Analytic
