Gold was once again rejected by 1818 yesterday. Carrying the buying momentum from the US session the day before(1), the price climbed gradually(2) early in the Asian and European sessions yesterday. The market has become volatile once the US released its inflation figures, the price touched as low as 1797 then quickly rebound to day-high 1818. The day ended at 1807, up by USD 2.
The resistance at 1815-1818 remains strong at the moment. However, a new S-T support line(3.1) has formed in the past 48 hrs on the 1-hr chart. Along with the resistance line(3), a breakthrough may happen in the coming 24 hours. If the price clear the resistance zone 1815-18, the price should be able to reach the upper resistance line(3) around 1830 level; on the other hand, if the price break the support line(3.1), it will stay in 1790-1818, range(4).
Gold is still trading within the 1795-1815(5) range. If the price is able to clear the resistance at 1815, a preliminary target can be set near 1835(6).
S-T Resistances:
1825
1818-20
1815
Market price: 1812
S-T Supports:
1810
1805
1800
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P. To
The resistance at 1815-1818 remains strong at the moment. However, a new S-T support line(3.1) has formed in the past 48 hrs on the 1-hr chart. Along with the resistance line(3), a breakthrough may happen in the coming 24 hours. If the price clear the resistance zone 1815-18, the price should be able to reach the upper resistance line(3) around 1830 level; on the other hand, if the price break the support line(3.1), it will stay in 1790-1818, range(4).
Gold is still trading within the 1795-1815(5) range. If the price is able to clear the resistance at 1815, a preliminary target can be set near 1835(6).
S-T Resistances:
1825
1818-20
1815
Market price: 1812
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 Analytic
