Gold remained within a tight range yesterday. The market opened at a relatively low point near 1832. The price has gradually moved higher until it reached the day-high near 1844 at the European session. The day ended near 1842, up by USD 8, fluctuated in a USD 14 range.
So far so good, the movement of the gold price has been in line with our expectations within the 1830-50(2) range. The price once again touched the low at 1828 yesterday, but notice, the buying support below 1833(3) has increased compared to its previous visit. While the price is expected to stay between 1828-50(2) until its break, the range should further be tightened to 1833-44(4) in the next 24 hours.
Gold successfully defended the 1830(5) support in the daily chart and the reversal signal(6) was now neutralized by the buying yesterday(6.1). Until the US Fed. meeting, the price should be bounded by 1830-47(7).
S-T Resistances:
1855
1850
1843-41
Market price: 1841
S-T Supports:
1838-40
1833
1828
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So far so good, the movement of the gold price has been in line with our expectations within the 1830-50(2) range. The price once again touched the low at 1828 yesterday, but notice, the buying support below 1833(3) has increased compared to its previous visit. While the price is expected to stay between 1828-50(2) until its break, the range should further be tightened to 1833-44(4) in the next 24 hours.
Gold successfully defended the 1830(5) support in the daily chart and the reversal signal(6) was now neutralized by the buying yesterday(6.1). Until the US Fed. meeting, the price should be bounded by 1830-47(7).
S-T Resistances:
1855
1850
1843-41
Market price: 1841
S-T Supports:
1838-40
1833
1828
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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