Gold broke out from the critical resistance 1950 yesterday. The day began at 1947. The price has consolidated toward the day-low 1939 early in the Asian session until buying started while the trading was entering the European session. The price has climbed to the day -high 1969 after it crosses the 1950 (1) resistance—the day ending at 1952, up by USD6.
The breakout of 1950(1) triggered a fresh round of buying yesterday, leading the price to the previous high of 1965. However, the profit-taking was quite strong above 1965, and the price quickly slid back to the support level of 1941- 43(3), a sign that the buying wasn't too strong. The upward support line(2) is still in effect but slightly shifted to trendline(2.1). Expect the price to trade between the triangular pattern(4) before the US session. The US CPI figures will hold the key to the trend in the next 48 hours.
Gold broke the critical resistance of 1950 yesterday, but the buying wasn't strong enough to pull the price away from 1950, with the day merely ending at 1953. The rejection from 1970 and pullback before the day-end has created a sign of reversal . If the daiy price can close below 1953 today, we can expect the price to visit again 1920 or even lower in the next 2-3 days.
S-T Resistances:
1974
1965-68
1960
Market price: 1956
S-T Supports:
1950
1941-40
1930
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The breakout of 1950(1) triggered a fresh round of buying yesterday, leading the price to the previous high of 1965. However, the profit-taking was quite strong above 1965, and the price quickly slid back to the support level of 1941- 43(3), a sign that the buying wasn't too strong. The upward support line(2) is still in effect but slightly shifted to trendline(2.1). Expect the price to trade between the triangular pattern(4) before the US session. The US CPI figures will hold the key to the trend in the next 48 hours.
Gold broke the critical resistance of 1950 yesterday, but the buying wasn't strong enough to pull the price away from 1950, with the day merely ending at 1953. The rejection from 1970 and pullback before the day-end has created a sign of reversal . If the daiy price can close below 1953 today, we can expect the price to visit again 1920 or even lower in the next 2-3 days.
S-T Resistances:
1974
1965-68
1960
Market price: 1956
S-T Supports:
1950
1941-40
1930
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
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