Gold inched higher yesterday. The price had been steadily on its way up after the market opened near day-low around 1782. The price reached day-high 1791 before the US session, and the price retraced thereafter, with the day ending near 1786.
The pattern hasn't changed much in the 1-hour chart. Overall the price is still maintaining its path within the 1770-1792 range(1), continuing to take advantage of the current stable range-bound market.
The horizontal pattern 1770-1793(2) is still dominating the daily chart. The 100 days MA remains the resistance to the upside, & the newly formed upward trendline(4) may provide support in S-T to the downside.
S-T Resistance:
1800
1792-94
1788
Market price: 1785
S-T Supports:
1778-80
1774
1768-70
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The pattern hasn't changed much in the 1-hour chart. Overall the price is still maintaining its path within the 1770-1792 range(1), continuing to take advantage of the current stable range-bound market.
The horizontal pattern 1770-1793(2) is still dominating the daily chart. The 100 days MA remains the resistance to the upside, & the newly formed upward trendline(4) may provide support in S-T to the downside.
S-T Resistance:
1800
1792-94
1788
Market price: 1785
S-T Supports:
1778-80
1774
1768-70
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
