Gold gained USD 17 yesterday. The day began at 1716, and the price mainly traded between 1715-23 throughout the day. Once the US released its interest decision, the price went up until it reached the day-high at 1740, with the day ending near 1734.
The price has failed to stay above 1735 until the Asian session today. An uptrend channel(3) has formed on the 1-hour chart. If the price clears the current resistance at 1740, it will be able to reach 1750 or higher.
The reversal signal at 1680 on the daily chart is still valid, while gold is trading under a rebounding trend. The price has cleared the 1-week resistance at 1730; once the price can break out from 1740, the upside target will be at the upper limit of the range(6) around 1770.
S-T Resistances:
1755
1750
1740
Market price: 1737
S-T Supports:
1735
1730
1720
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The price has failed to stay above 1735 until the Asian session today. An uptrend channel(3) has formed on the 1-hour chart. If the price clears the current resistance at 1740, it will be able to reach 1750 or higher.
The reversal signal at 1680 on the daily chart is still valid, while gold is trading under a rebounding trend. The price has cleared the 1-week resistance at 1730; once the price can break out from 1740, the upside target will be at the upper limit of the range(6) around 1770.
S-T Resistances:
1755
1750
1740
Market price: 1737
S-T Supports:
1735
1730
1720
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
P. To
