Gold gained USD 23 yesterday. The price steadily increased throughout the day after the market opened near day-low around 1921. It reached the day-high 1948 late in the US session, and the day ended at 1944.
The pattern has changed much in the 1-hour chart as the price is still trading within the 1905-50 range. The S-T upward trend has ended in the early Asian session today after the price crossed the support trendline(1) in the early Asian session today. Expect the price to visit again the bottom of the range again for now. But for sure, need to pay attention to the critical resistance at 1950. It will be the first sign of gold getting ready to move across 1950 if the price stays at 1940 in the next 24 hours.
The structure in the daiy chart hasn't changed much; continue to take advantage of the current sideway market, 1917-44.
S-T Resistances:
1964
1960
1950
Market price: 1942
S-T Supports:
1940
1935
1930
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The pattern has changed much in the 1-hour chart as the price is still trading within the 1905-50 range. The S-T upward trend has ended in the early Asian session today after the price crossed the support trendline(1) in the early Asian session today. Expect the price to visit again the bottom of the range again for now. But for sure, need to pay attention to the critical resistance at 1950. It will be the first sign of gold getting ready to move across 1950 if the price stays at 1940 in the next 24 hours.
The structure in the daiy chart hasn't changed much; continue to take advantage of the current sideway market, 1917-44.
S-T Resistances:
1964
1960
1950
Market price: 1942
S-T Supports:
1940
1935
1930
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
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