Gold Trend 08/03

Gold eased from 2000. Back from the weekend, the market opened with a gap up at 1979 yesterday. The price first touched the 2000 barrier early in the Asian session. The price refilled the gap at the opening of the US session consolidated toward the day-low at 1960. The day ended at 1997, up by USD 27.

With the current situation in Ukraine, it is hard to find a reason for the gold price to go low. Gold has quickly approached the 2000 barrier after it broke the critical resistance at 1950 last Friday. Buying support was strong(2) yesterday at the US session while it was filling the gap from the week's open. The bull trend should continue, with 1970-2000(1) being the trading range before the price breaks out.

The bull trend continues with the overall structure remaining the same as yesterday. After the price breaks the key resistance at 1950, the upside target should be at 2065 on the daily chart.

S-T Resistances:
2010
1997-2000
1990

Market price: 1989

S-T Supports:
1980
1975
1970

If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!

P. To