Gold Trend 07/12

Gold was bounded by a tight range yesterday. The price had reached the day-high 1787 after the market opened at 1782 early in the Asian session. Thereafter, it had slowly consolidated and visited the day-low 1775 at the US session opening. The day finally ended at 1778, down by USD 5.

An S-T upward trendline(2) has been formed in the 1-hour chart since the price bottomed out last Thursday. In the past 24 hours, the price was rejected by the upper resistance of the downtrend channel and broke the support line(2). Failed to carry the uplifting momentum from Friday, the price may need to go down before it swings higher. The daily range should be able to maintain between 1770-93.


Although gold has touched a new S-T high on the daily chart, the day had failed to close with a gain yesterday. The reversal signal will remain in effect as long as the daily closing is above 1774(5). 1770-1795 remains the dominant pattern in the daily chat for now.

S-T Resistances:
1792-94
1788
1778-80

Market price: 1778

S-T Supports:
1774
1768-70
1760

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