Gold reached a new 2-months high yesterday. The day began at 1765; the price rallied toward the day-low at 1753 throughout the Asian and European sessions. As the market approached the US session, the buying resumed. Gold reached a new 2-months high at 1775. The day ended near 1771, unchanged from the day before.
The trend remains upward on the 1-hour chart as the price is still running within the uptrend channel(1). The S-T upside target sits at 1780(2), aiming to touch 1800(3) later this week.
The bullish trend started after gold escaped the downward wedge pattern(4) last week. The reversal signal has yet to appear on the daily chart, while the price has been closing near the day-high without any signs of profit-taking and short-selling in the last few trading days. Expected the upwardtrend to remaining, target Aug's peak at 1800-05.
S-T Resistances:
1785-87
1780
1775
Market price: 1771
S-T Supports:
1765
1760
1755
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
The trend remains upward on the 1-hour chart as the price is still running within the uptrend channel(1). The S-T upside target sits at 1780(2), aiming to touch 1800(3) later this week.
The bullish trend started after gold escaped the downward wedge pattern(4) last week. The reversal signal has yet to appear on the daily chart, while the price has been closing near the day-high without any signs of profit-taking and short-selling in the last few trading days. Expected the upwardtrend to remaining, target Aug's peak at 1800-05.
S-T Resistances:
1785-87
1780
1775
Market price: 1771
S-T Supports:
1765
1760
1755
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
P. To
