Gold Trend 08/12
Gold reached 1750 yesterday. The price has traded between 1730-35 throughout the day until it broke the previous high at 1738 at the US session. It has gone all the way to day-high 1754. The day ended at 1751, up by USD 22.
The downward momentum originated from 1830 will now officially slow down and possibly be shifted to a horizontal range, 1720-1754(4), after the gold price has escaped the downward resistance line(3) yesterday. While the price approaching the key resistance level of 1760, the triangle pattern(6) should be the S-T trend for today.
The gold price has rebounded to the key resistance level of 1750-60(8) on the daily chart. Unless it can clear all the selling at 1760, otherwise 1730-1760 should be the range in the coming days.
S-T Resistances:
1767
1760
1754
Market price: 1750
S-T Supprots:
1744
1738
1730
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P. To
The downward momentum originated from 1830 will now officially slow down and possibly be shifted to a horizontal range, 1720-1754(4), after the gold price has escaped the downward resistance line(3) yesterday. While the price approaching the key resistance level of 1760, the triangle pattern(6) should be the S-T trend for today.
The gold price has rebounded to the key resistance level of 1750-60(8) on the daily chart. Unless it can clear all the selling at 1760, otherwise 1730-1760 should be the range in the coming days.
S-T Resistances:
1767
1760
1754
Market price: 1750
S-T Supprots:
1744
1738
1730
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
P. To @ 1uptick Analytics
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