Gold Trend 05/01
Gold rebounded from 1800 yesterday. The market opened near 1802, and the price has been trading between 1800-06 throughout the Asian and European sessions. The rebound has officially begun after the price touched day low at 1798 before the US session. The price reached the day-high at 1816, with the day ending at 1814, up by USD 12.
The price movement is in line with our expectations yesterday as it has been trading within 1800-15(1) in the last 24 hours. So far the price remains on the path within the uptrend channel(2), with 1815 being the S-T resistance. If the price is able to past 1815, expect the price to touch again the top of the uptrend channel.
Although the price rebounded over USD 12 yesterday, the trend on the daily chart is still dominated by the reversal signal(5) from the day before. Unless the market can neutralize all the selling pressure above 1825, the daily chart is trending downward. 1770-1815(4) continues to be the trading zone in S-T.
S-T Resistnaces:
1830-32
1825
1820
Market price: 1815
S-T Supports:
1812-10
1807
1800
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P. To
The price movement is in line with our expectations yesterday as it has been trading within 1800-15(1) in the last 24 hours. So far the price remains on the path within the uptrend channel(2), with 1815 being the S-T resistance. If the price is able to past 1815, expect the price to touch again the top of the uptrend channel.
Although the price rebounded over USD 12 yesterday, the trend on the daily chart is still dominated by the reversal signal(5) from the day before. Unless the market can neutralize all the selling pressure above 1825, the daily chart is trending downward. 1770-1815(4) continues to be the trading zone in S-T.
S-T Resistnaces:
1830-32
1825
1820
Market price: 1815
S-T Supports:
1812-10
1807
1800
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
P. To @ 1uptick Analytics
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