Gold tested a new high yesterday. The range was quite tight where the market has opened at 1842 and the price has been trading between 1838-43 throughout the day before the US session. Buying orders has been triggered by the price breaking out from the 1843(1) resistance. Gold has reached a new 2 month high at 1853 before the day's end, with the market eventually closing at 1847.
Althought the price has gone to as high as 1854, it failed to break 1850 after all. 1850 will continue to be the key resistance level with 1843 becoming the new S-T support, waiting for the price to break out from the 1830-50 zone.
The structure hasn't changed much in the daily chart where the price is still not able to clear 1850. No matter what happened after the US Fed. meeting, the uptrend channel(4) should be able to provide a reasonable blueprint for entering the market.
S-T Resistances:
1860
1854
1850
Market price: 1847
S-T Supports:
1843-45
1838
1833
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Althought the price has gone to as high as 1854, it failed to break 1850 after all. 1850 will continue to be the key resistance level with 1843 becoming the new S-T support, waiting for the price to break out from the 1830-50 zone.
The structure hasn't changed much in the daily chart where the price is still not able to clear 1850. No matter what happened after the US Fed. meeting, the uptrend channel(4) should be able to provide a reasonable blueprint for entering the market.
S-T Resistances:
1860
1854
1850
Market price: 1847
S-T Supports:
1843-45
1838
1833
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
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