Gold Trend 05/08
Gold once again pulled back from the weekly high yesterday, closed nearly unchanged from the day before. The price had bounced between 1810-1815 early in the Asian & European session yesterday. It then broke the 1818 resistance at the opening of the US session, climbed all the way to 1832(2). But the price has fallen quickly thereafter with the day ended at 1811, back into the 1807-1818 zone(4).
The resistance has remained strong near 1832(2) after the fluctuation yesterday. As the price is now back to the 1807-1818 zone(4), if it breaks the bottom support of the range at 1807, the price will likely touch 1794 in the 1-hour chart.
The price has failed to close above 1820 on the daily chart. As mentioned yesterday, it is now critical in the next 24 for gold to push the closing price higher in order for it to stay in the uptrend channel(5). The upward momentum will further be reduced if the closing price ends below 1812 today. On the other hand, the upper shadow line(6) may initiate selling momentum today. If the price breaks the support at 1807, the price may once again test the bottom support 1790 of the range(7).
S-T Resistances:
1830
1825
1815-18
Market price: 1811
S-T Supports:
1810
1805
1800
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P. To
The resistance has remained strong near 1832(2) after the fluctuation yesterday. As the price is now back to the 1807-1818 zone(4), if it breaks the bottom support of the range at 1807, the price will likely touch 1794 in the 1-hour chart.
The price has failed to close above 1820 on the daily chart. As mentioned yesterday, it is now critical in the next 24 for gold to push the closing price higher in order for it to stay in the uptrend channel(5). The upward momentum will further be reduced if the closing price ends below 1812 today. On the other hand, the upper shadow line(6) may initiate selling momentum today. If the price breaks the support at 1807, the price may once again test the bottom support 1790 of the range(7).
S-T Resistances:
1830
1825
1815-18
Market price: 1811
S-T Supports:
1810
1805
1800
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 Analytics
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