Gold Trend 23/02
Gold eased from the 8-month high yesterday. The market opened near day high at 1908, and the price has been rejected by the key resistance(1) at 1908-10 during the Asian session. Selling began at the European session, and the price has traded between 1896-1906 thereafter. The day ended at 1898, below the 1900 level.
Selling pressure remains heavy above 1900, so fart the price hasn't been able to trade above 1900 for too long. Expect the price to stay range-bound between 1891-1910(3) in the early sessions. If the price breaks the S-T support line(2), expect it to consolidate toward 1883(4).
The bullish signal(4) that was mentioned yesterday was neutralized by the market with the long wick(4.1). 1900-08 resistance zone is still valid, 1887-1900(5) should be the trading range for today on the daiy chart. From a pure chart pattern & technically analysis perspective, it should be perfect timing to deploy an M-T short-selling strategy above 1900 after the reversal yesterday along with the uptrend channel (6). However, the market is highly influenced by the news from Ukraine lately, make sure a tight stop loss is in place.
S-T Resistnaces:
1908
1900
1897
Market Price: 1896
S-T Supports:
1892
1888
1880-83
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P. To
Selling pressure remains heavy above 1900, so fart the price hasn't been able to trade above 1900 for too long. Expect the price to stay range-bound between 1891-1910(3) in the early sessions. If the price breaks the S-T support line(2), expect it to consolidate toward 1883(4).
The bullish signal(4) that was mentioned yesterday was neutralized by the market with the long wick(4.1). 1900-08 resistance zone is still valid, 1887-1900(5) should be the trading range for today on the daiy chart. From a pure chart pattern & technically analysis perspective, it should be perfect timing to deploy an M-T short-selling strategy above 1900 after the reversal yesterday along with the uptrend channel (6). However, the market is highly influenced by the news from Ukraine lately, make sure a tight stop loss is in place.
S-T Resistnaces:
1908
1900
1897
Market Price: 1896
S-T Supports:
1892
1888
1880-83
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
P. To @ 1uptick Analytics
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