Gold continued to edge higher yesterday. The climb began after the price touched the day-low at 1849 during the Asian session. Once the price cleared the resistance at 1860, it was pushed all the way to the 1869 day-high. The day ended at 1866, up by USD 12.
The uptrend channel(2) on the 1-hour chart is still valid, and the S-T support has shifted from the previous 1850 to the current 1860, aiming to reach 1880 today. But notice, an S-T supporting trendline(3) has formed since last Friday, and technically the price must break through the 1865(1) resistance before the US session today; otherwise, the price will naturally escape the support from trendline(3), leading an S-T consolidation toward 1850 to happen.
The trend on the daily chart is still pointing upward after the price broke out from the 20 days MA(4) yesterday; the upside target remains unchanged, set at the 100 days MA(5). However, the buying momentum seems to have weakened after five days of the surge. Before the price clears the selling resistance at 1865, the price may touch again the 20 days MA later on today.
S-T Resistances:
1880
1870-72
1865
Market price: 1862
S-T Supprots:
1860
1853-55
1850
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The uptrend channel(2) on the 1-hour chart is still valid, and the S-T support has shifted from the previous 1850 to the current 1860, aiming to reach 1880 today. But notice, an S-T supporting trendline(3) has formed since last Friday, and technically the price must break through the 1865(1) resistance before the US session today; otherwise, the price will naturally escape the support from trendline(3), leading an S-T consolidation toward 1850 to happen.
The trend on the daily chart is still pointing upward after the price broke out from the 20 days MA(4) yesterday; the upside target remains unchanged, set at the 100 days MA(5). However, the buying momentum seems to have weakened after five days of the surge. Before the price clears the selling resistance at 1865, the price may touch again the 20 days MA later on today.
S-T Resistances:
1880
1870-72
1865
Market price: 1862
S-T Supprots:
1860
1853-55
1850
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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