Gold climbed more than USD 10 yesterday. The market opened at1788. The price was bounded by a tight range between 1785-91 early in the Asian & European session. At the opening of the US session, volume rushed in. The price broke out from the S-T downtrend channel(1) and the 1792 resistance. It went all the way to day-high 1804 near closing, ended the day at 1803.
As mentioned in the past few days, a rounding bottom pattern is currently under development in the 1-hour chart. The rebound began near 1785 yesterday, successfully defended the pattern. Buying is slowly dominating the market. Once the price clears the resistance at 1815, the upside target can be aimed at 1835 or above.
The climb yesterday has swallowed the decline in the last 2 days. It is a sign of the bull as it is the first time in 1 month since Nov. 27 that the price is able to close above 1800(3).
S-T Resistances:
1820
1812-15
1807
Market price: 1805
S-T Supports:
1800-1797
1792
1785
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As mentioned in the past few days, a rounding bottom pattern is currently under development in the 1-hour chart. The rebound began near 1785 yesterday, successfully defended the pattern. Buying is slowly dominating the market. Once the price clears the resistance at 1815, the upside target can be aimed at 1835 or above.
The climb yesterday has swallowed the decline in the last 2 days. It is a sign of the bull as it is the first time in 1 month since Nov. 27 that the price is able to close above 1800(3).
S-T Resistances:
1820
1812-15
1807
Market price: 1805
S-T Supports:
1800-1797
1792
1785
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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