Gold rallied from a 1-month low yesterday. The price has carried the selling moment from its previous session and dropped to the day-low near 1741 at the market opening. Since then, it had started to rebound. The price climbed to as high as 1767 at the US session, with the day ended near 1763.
The price has escaped the upward trendline(1) before the US session yesterday. From an S-T uptrend, it is now entering a period of tight range-bound 1760-68. The horizontal pattern 1740-1768(2) is still valid, highly likely it will last for another 24 hours till the US fed. meeting. If it breaks to the upside, the resistance will be near 1780.
Pattern(3) will be good as long as the price stays below 1780 on the daily chart. Before any breakout, use Zone (3.1) as a reference.
S-T Resistance:
1770
1767
1763
Market price: 1760
S-T Supports:
1755
1750
1743-45
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The price has escaped the upward trendline(1) before the US session yesterday. From an S-T uptrend, it is now entering a period of tight range-bound 1760-68. The horizontal pattern 1740-1768(2) is still valid, highly likely it will last for another 24 hours till the US fed. meeting. If it breaks to the upside, the resistance will be near 1780.
Pattern(3) will be good as long as the price stays below 1780 on the daily chart. Before any breakout, use Zone (3.1) as a reference.
S-T Resistance:
1770
1767
1763
Market price: 1760
S-T Supports:
1755
1750
1743-45
If you like our work, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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