Gold finally escaped the 1790-1815 range yesterday. The price was bouncing between 1810-15 while it traded early in the Asian & European session yesterday. As the market approached the US session opening, the price has cleared the resistance at 1815-18 and climbed all the way to 1829 level. The day ended near 1826, up USD 19.
The market has triggered some technical buying orders as it broke the resistance at 1818, but the buying momentum wasn't strong. The S-T support line(2) and the resistance line(3) are still valid. The S-T uptrend is not yet finished. Resistance is now sitting at 1830, once it breaks the next target will be near 1835.
The gold price has finally escaped the 1795-1815(5)range on the daily chart, the target for the breakthrough will be a 1:1 ratio of 1835(5).
The medium/long-term target that I mentioned last week finally has some progress, target remains near 1880(6).
S-T Resistances:
1840
1835
1830
Market price: 1829
Market Supports:
1826
1822
1816-18
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P.To
The market has triggered some technical buying orders as it broke the resistance at 1818, but the buying momentum wasn't strong. The S-T support line(2) and the resistance line(3) are still valid. The S-T uptrend is not yet finished. Resistance is now sitting at 1830, once it breaks the next target will be near 1835.
The gold price has finally escaped the 1795-1815(5)range on the daily chart, the target for the breakthrough will be a 1:1 ratio of 1835(5).
The medium/long-term target that I mentioned last week finally has some progress, target remains near 1880(6).
S-T Resistances:
1840
1835
1830
Market price: 1829
Market Supports:
1826
1822
1816-18
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
