Gold Trend 24/08
Gold rose above 1800 yesterday. The price was trading under 1790 throughout the Asian and European sessions, and it has gone all the way to the 2-week high near 1807 after it has cleared the resistance at 1793. The day ended near 1805, up by USD 24.
Gold so far has been trading in line with our expectations. As mentioned last Friday, the gold price should have a break-out ' in the next 48 hours. It has broken the resistance line(1) early in the Asian session yesterday and cleared all the selling orders between 1790-93(2) at the US session opening. The pattern(3) is finally on the move. Expect the price to climb under trendline(4) until the momentum starts to pick up. The first target remains near 1830.
Gold finally broke the 1797(5) resistance yesterday on the daily chart. While the price is now returning to zone(6), the upside 1835 should be the next major resistance.
S-T Resistance:
1815
1810
1805-07
Market Price: 1800
S-T Supports:
1797
1790-93
1785
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P. To
Gold so far has been trading in line with our expectations. As mentioned last Friday, the gold price should have a break-out ' in the next 48 hours. It has broken the resistance line(1) early in the Asian session yesterday and cleared all the selling orders between 1790-93(2) at the US session opening. The pattern(3) is finally on the move. Expect the price to climb under trendline(4) until the momentum starts to pick up. The first target remains near 1830.
Gold finally broke the 1797(5) resistance yesterday on the daily chart. While the price is now returning to zone(6), the upside 1835 should be the next major resistance.
S-T Resistance:
1815
1810
1805-07
Market Price: 1800
S-T Supports:
1797
1790-93
1785
If you like our work, 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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