Gold Trend 01/09
Gold tested the 1810 support once again yesterday. Throughout the day, the price has traded between 1810-17. Approached the US session, the price has fallen to the day-low near 1800 but rebounded quickly. The day ended near 1813, up by USD 3.
The gold price is still trading within the channel(1). Although it has dropped to 1800 briefly at the US session, the buying support remains relatively strong below 1810. With support line(2) pushing the price higher, the upside target is still at 1830 in the 1-hour chart. An S-T resistance line(3) has been formed in the past 48 hours. If resistance line(3) is broken, the price will be able to climb to 1820-23 in the next 24 hours.
Gold stands firmly above 1810 on the daily chart, on its way to the top of the horizontal range. After the brief consolidation in the past 2 days, gold may be able to pick up the upward momentum once again in the next 48 hours. The 250 days MA(4) will be the next upside resistance.
S-T Resistances:
1830
1823
1818-20
Market price: 1815
S-T Supports:
1814-15
1808-10
1805
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P. To
The gold price is still trading within the channel(1). Although it has dropped to 1800 briefly at the US session, the buying support remains relatively strong below 1810. With support line(2) pushing the price higher, the upside target is still at 1830 in the 1-hour chart. An S-T resistance line(3) has been formed in the past 48 hours. If resistance line(3) is broken, the price will be able to climb to 1820-23 in the next 24 hours.
Gold stands firmly above 1810 on the daily chart, on its way to the top of the horizontal range. After the brief consolidation in the past 2 days, gold may be able to pick up the upward momentum once again in the next 48 hours. The 250 days MA(4) will be the next upside resistance.
S-T Resistances:
1830
1823
1818-20
Market price: 1815
S-T Supports:
1814-15
1808-10
1805
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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