Gold Trend 22/04

Gold rallied from 1940 again yesterday. The day began near the day-high at 1956, and the price was one-way downward during the trading at the Asian & European sessions. It touched a new weekly low at 1936 at the US session opening then the rebound started. The day ended at 1950, down by USD 6.

Although the price touched a new weekly low at 1936, the selling below 1940 was relatively weak. The range of 1940-60(1) is still in effect. If the price can clear the resistance at 1957-60 during the US session today, technically, the price will be able to reach again 1980.

The buying support below 1950 is relatively strong while the price has been closing above 1950 for the 3rd consecutive day. The M-T bottom support has shifted from 1920 to 1950 on the daily chart. Before the gold can touch the 2000 level again, the downward trendline(3) will hold the key for the next breakout move.

S-T Resistances:
1974
1965-68
1957-60

Market price: 1954

S-T Supprots:
1950
1941-40
1930

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