The gold market was relatively stable yesterday bounded within 1875-85, closed at 1880.
The price was controlled by the triangle pattern(1) yesterday. The break of support line(1) has triggered a round of selling early in the Asian session today. A renewed triangle pattern(3) is now formed by the new support line(3.1) and the same resistance line(2) from yesterday.
The M-T uptrend has yet to change on the daily chart. As mentioned yesterday, buying momentum has been slowing down as the price approaching 1900. Although the price reached above 1885 multiple times in the past few days, the market has failed to close above 1880. Expert the price to move within 1870-85 for now on the daily chart, and most likely the price may need to retract before it can have a new high.
S-T Resistances:
1890
1885
1880
Market Price: 1879
S-T Supports:
1877-75
1870
1864
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The price was controlled by the triangle pattern(1) yesterday. The break of support line(1) has triggered a round of selling early in the Asian session today. A renewed triangle pattern(3) is now formed by the new support line(3.1) and the same resistance line(2) from yesterday.
The M-T uptrend has yet to change on the daily chart. As mentioned yesterday, buying momentum has been slowing down as the price approaching 1900. Although the price reached above 1885 multiple times in the past few days, the market has failed to close above 1880. Expert the price to move within 1870-85 for now on the daily chart, and most likely the price may need to retract before it can have a new high.
S-T Resistances:
1890
1885
1880
Market Price: 1879
S-T Supports:
1877-75
1870
1864
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
P. To
