Gold Trend 02/07

Gold gained slightly yesterday. Carried the buying momentum from the break of the resistance line(1) the day before, it was on its way to the top of the downtrend channel(3). However, the market closed near 1776 yesterday, S-T resistance 1780(2.1) seems strong at the moment. While the buying is supporting near 1770(2.2), the market should trade in the range(2) before the US session today.

Although a bottom has formed near 1750 on the daily chart, the price has yet to escape the M-T downtrend. As the market once again failed to close above 1780 yesterday(4), the resistance at 1780 is remaining in place. As mentioned yesterday. the price needs to close above 1780, within zone(5), in order for an M-T uptrend to develop further.

S-T Resistances:
1790
1785-86
1780

Market price: 1777

S-T Support:
1772-73
1768
1760

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Yorum:

Gold gained slightly yesterday. Carried the buying momentum from the break of the resistance line(1) the day before, it was on its way to the top of the downtrend channel(3). However, the market closed near 1776 yesterday, S-T resistance 1780(2.1) seems strong at the moment. While the buying is supporting near 1770(2.2), the market should trade in the range(2) before the US session today.

Although a bottom has formed near 1750 on the daily chart, the price has yet to escape the M-T downtrend. As the market once again failed to close above 1780 yesterday(4), the resistance at 1780 is remaining in place. As mentioned yesterday. the price needs to close above 1780, within zone(5), in order for an M-T uptrend to develop further.

S-T Resistances:
1790
1785-86
1780

Market price: 1777

S-T Support:
1772-73
1768
1760

If you like our analysis, please give our team a thumbs up. Thank you! Welcome to leave a message for exchange.

P. To