Gold once again traded in a tight range yesterday with the price floated within USD12 and closed up by USD5.
Everyone should be able to take advantage of the range 1794-1810(1) in the past few trading days as the market is basically moving in line with our expectations without any surprises. The Fed. meeting later on today should be the stepping stone for the next structure on the 1-hour chart. Pattern (2) is still under development. As the price is now approaching the S-T resistance line (3), it should be able to touch again 1825 if the price breaks line(3). Must pay attention to the support at 1790(4). A new round of selling will be triggered if the price goes below 1790 after the Fed. news.
The horizontal range 1795-1825 is still good and the price is currently supported by the 100 days MA(5) on the daily chart. It broke the S-T resistance line(6) earlier today, as long as the buying momentum sustains later on after the Fed. meeting, the price should be able to revisit the top of the range near 1825 or even higher.
S-T Resistances:
1815
1810
1807
Market price: 1804
S-T supports:
1800
1795
1790
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Everyone should be able to take advantage of the range 1794-1810(1) in the past few trading days as the market is basically moving in line with our expectations without any surprises. The Fed. meeting later on today should be the stepping stone for the next structure on the 1-hour chart. Pattern (2) is still under development. As the price is now approaching the S-T resistance line (3), it should be able to touch again 1825 if the price breaks line(3). Must pay attention to the support at 1790(4). A new round of selling will be triggered if the price goes below 1790 after the Fed. news.
The horizontal range 1795-1825 is still good and the price is currently supported by the 100 days MA(5) on the daily chart. It broke the S-T resistance line(6) earlier today, as long as the buying momentum sustains later on after the Fed. meeting, the price should be able to revisit the top of the range near 1825 or even higher.
S-T Resistances:
1815
1810
1807
Market price: 1804
S-T supports:
1800
1795
1790
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
