Range-bound traded for gold yesterday. The market opened at 1745 and quickly reached 1750 early in the Asian session. The price has gradually gone lower thereafter. It broke the 1740 support at the US session opening and went all the way to day-low near 1731, with the day eventually ended at 1735.
Although the price has gone past 1736 and dropped to 173, the support at 1736(1) is still valid. The S-T resistance line(2.1) from yesterday has yet to break, combining with the S-T support line(2.2) has formed a triangle structure(2). While the price is approaching the end of the triangular pattern, a break is due within the day. The retail sales figures from the US may hold the key.
Gold is still waiting for the break on the daily chart. Before losing the upward momentum from the double-bottom, the neckline around 1750-55 needs to be broken in the next few trading days; otherwise, gold will remain in the 1680-1750 price range.
S-T Resistances:
1755-58
1750
1745
Market Price: 1740
S-T Supports:
1740
1736
1730
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Although the price has gone past 1736 and dropped to 173, the support at 1736(1) is still valid. The S-T resistance line(2.1) from yesterday has yet to break, combining with the S-T support line(2.2) has formed a triangle structure(2). While the price is approaching the end of the triangular pattern, a break is due within the day. The retail sales figures from the US may hold the key.
Gold is still waiting for the break on the daily chart. Before losing the upward momentum from the double-bottom, the neckline around 1750-55 needs to be broken in the next few trading days; otherwise, gold will remain in the 1680-1750 price range.
S-T Resistances:
1755-58
1750
1745
Market Price: 1740
S-T Supports:
1740
1736
1730
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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