Gold traded in a range-bound yesterday. The price touched the low at 1754 early in the Asian session, and the climb continued until the price reached the day-high at 1772 at the US session opening. The day fluctuated in a USD 18 range , with the price slightly up by USD5.
The overall structure in the 1-hour chart hasn't changed much as the uptrend channel is still dominating the S-T trend. The price behaved quite well within the 1750-72 range yesterday. The market is now shifting its focus toward the US employment figures , expecting the price to remain range-bound between 1755-80.
The reversal signal mentioned yesterday remains in effect. Unless the price closes above 1773 in the next few trading days, the price should turn south soon.
S-T Resistances: 1785-87 1780 1770-73
Market price: 1770
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!