Gold rose to 1940, the top of the range yesterday. The price has been bouncing between 1920-25 early in the Asian session after the day began near 1920. The market was relatively stable until it visited the day-low at 1916 and started to rebound. The price jumped to the day-high 1938 at the US session, with the day ending at 1932, up by USD 13.
Since the price has resumed its position above 1920 the day before yesterday, it is now settling down within the 1920-40(1) zone once again. The pattern in the 1-hour chart hasn't changed much in the 1-hour chart; 1920-40 should be the operating range before the US employment figures on Friday.
The extended bottom wick tail(2) on the daily chart is still leading the S-T trend; the buying momentum from that day has yet to be neutralized on the daily chart. Until a reversal signal appears, the S-T trend remains bullish.
S-T Resistances:
1950
1940-41
1930
Market price: 1929
S-T Supports:
1920
1915
1910-08
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Since the price has resumed its position above 1920 the day before yesterday, it is now settling down within the 1920-40(1) zone once again. The pattern in the 1-hour chart hasn't changed much in the 1-hour chart; 1920-40 should be the operating range before the US employment figures on Friday.
The extended bottom wick tail(2) on the daily chart is still leading the S-T trend; the buying momentum from that day has yet to be neutralized on the daily chart. Until a reversal signal appears, the S-T trend remains bullish.
S-T Resistances:
1950
1940-41
1930
Market price: 1929
S-T Supports:
1920
1915
1910-08
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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