Gold remained in a tight range yesterday, with the day ended at 1796 down by USD4.
The structure on the 1-hr chart hasn't changed much, where the S-T trading range remains in 1794-1810(1). Pattern (2) so far is still valid; however, the daily fluctuating range stays tight, the market may still need another 24-48 hours for the next breakthrough. After all, be aware of the support at 1790. It is a key level for the pattern (2) to deform.
The daily chart has a key structural change yesterday. It was the first time since July 16th the daily gold price has closed below 1800(6), finally escaping zone (7). A sign of a breakthrough coming soon, key support now sitting at 1790.
S-T Resistances:
1810
1805
1800
Market price: 1794
S-T Supports:
1794-5
1790
1785
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P. To
The structure on the 1-hr chart hasn't changed much, where the S-T trading range remains in 1794-1810(1). Pattern (2) so far is still valid; however, the daily fluctuating range stays tight, the market may still need another 24-48 hours for the next breakthrough. After all, be aware of the support at 1790. It is a key level for the pattern (2) to deform.
The daily chart has a key structural change yesterday. It was the first time since July 16th the daily gold price has closed below 1800(6), finally escaping zone (7). A sign of a breakthrough coming soon, key support now sitting at 1790.
S-T Resistances:
1810
1805
1800
Market price: 1794
S-T Supports:
1794-5
1790
1785
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
P. To @ 1uptick Analytic
