Gold rebounded from the 1-month low yesterday. The climb started as trading resumed after the weekend, from 1760 all the way to 1785 in the European session. The price has consolidated a little at the US session opening, but stable above 1780 thereafter. The day ended at 1782, up USD19.
An S-T bottom has formed on the 1-hour chart, as Gold escaped the downtrend channel(1) originated from last Thursday. A tight S-T uptrend channel(2) is in place with 1794 as the first target. 1760-1800 should be the range for now.
Gold closed above 1780 yesterday, ate up the upper extension shadow the day before, a sign of S-T bullish. The 100 days MA(4) should be the next target, while 1760-1800 is the current range on the daily chart.
S-T Resistances:
1800
1795
1790
Market price: 1788
S-T Supprots:
1785
1780
1772-73
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An S-T bottom has formed on the 1-hour chart, as Gold escaped the downtrend channel(1) originated from last Thursday. A tight S-T uptrend channel(2) is in place with 1794 as the first target. 1760-1800 should be the range for now.
Gold closed above 1780 yesterday, ate up the upper extension shadow the day before, a sign of S-T bullish. The 100 days MA(4) should be the next target, while 1760-1800 is the current range on the daily chart.
S-T Resistances:
1800
1795
1790
Market price: 1788
S-T Supprots:
1785
1780
1772-73
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
P. To
