The price of gold fluctuated within a narrow range yesterday. It opened at 2006, last Friday's closing price. In the early Asian session, it had fallen below 2000, and the rest of the day the price stayed within a tight range between 1990 and 2000 throughout the rest of the day.
1-hour chart - The uptrending momentum has slowed down. The price broke out from the upward channel (1) yesterday. Expected the price to fluctuate between 1980 and 2020. Pay close attention to the US Fed meeting meeting, the next major move should occur after the announcement.
Daily Chart - The upward trend that originated from 1809 has slowed down in the last few trading days. Before the breakout, traders can take advantage of the 1955-97(3) range.
Short-term resistance:
2020
2008-10
2000
Current price: 1995
Short-term support:
1990
1985
1980
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1-hour chart - The uptrending momentum has slowed down. The price broke out from the upward channel (1) yesterday. Expected the price to fluctuate between 1980 and 2020. Pay close attention to the US Fed meeting meeting, the next major move should occur after the announcement.
Daily Chart - The upward trend that originated from 1809 has slowed down in the last few trading days. Before the breakout, traders can take advantage of the 1955-97(3) range.
Short-term resistance:
2020
2008-10
2000
Current price: 1995
Short-term support:
1990
1985
1980
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
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