Gold Trend 16/07
Gold pulled back from a 1-month high yesterday. The day opened near 1826 yesterday. It broke the resistance 1830 at the European session and climbed to 1835. But thereafter, buying didn't follow through, the day ended at 1829, up slightly by USD2.
The upward triangle pattern(1) is still valid on the 1-hr chart. A new S-T resistance line(2) has formed in the past 24 hours; if the price breaches line(2), it should be able to touch the high again. Notice, the buying momentum is not strong at all. If the price breaks the support line(1.1), it will enter a period of range-bound again, 1818-1835(3).
After the price broke the horizontal range of 1795-1815(4) on the daily chart, it achieved the initial target of 1835 yesterday. The 50 days MA will be the next target if it continues to climb. Meanwhile, support is now sitting at the 5 days MA.
S-T Resistances:
1835
1830
1826
Market Price: 1825
S-T Supports:
1822
1816-18
1810
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P.To
The upward triangle pattern(1) is still valid on the 1-hr chart. A new S-T resistance line(2) has formed in the past 24 hours; if the price breaches line(2), it should be able to touch the high again. Notice, the buying momentum is not strong at all. If the price breaks the support line(1.1), it will enter a period of range-bound again, 1818-1835(3).
After the price broke the horizontal range of 1795-1815(4) on the daily chart, it achieved the initial target of 1835 yesterday. The 50 days MA will be the next target if it continues to climb. Meanwhile, support is now sitting at the 5 days MA.
S-T Resistances:
1835
1830
1826
Market Price: 1825
S-T Supports:
1822
1816-18
1810
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 @ 1uptick Analytics
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