Gold Trend 06/01
Gold tested the resistance again yesterday. The day began near 1813. At the European session, the buying momentum from the day before has resumed, breaking out from 1815(1) resistance, the price has gone all the way to 1829 at the US session. The price has pulled back thereafter, it went to day-low 1808, with the day ended USD 4 lower.
The price has tried to reach the top of the uptrend channel(2) after it broke the 1815(1) resistance yesterday, however, selling pressure remains relatively strong near 1830. The S-T uptrend originated from 1798 on Tuesday, has now been ended by the price falling below trendline(3). Getting close to the bottom of the channel(2) now, if the price is able to carry the selling momentum from the past 24 hours, expect the price to touch again 1790. 1815(4) remains the S-T upside resistance.
As mentioned yesterday, the drop(5) on Monday is still dominating the trend on the daily chart. After the price has touched the resistance line(6), the pullback yesterday created the second selling signal. The selling momentum will accelerate if the daily price closes below 1800(7).
S-T Resistnaces:
1820
1812-15
1807
Market price: 1805
S-T Supprots:
1800-1797
1792
1785
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
The price has tried to reach the top of the uptrend channel(2) after it broke the 1815(1) resistance yesterday, however, selling pressure remains relatively strong near 1830. The S-T uptrend originated from 1798 on Tuesday, has now been ended by the price falling below trendline(3). Getting close to the bottom of the channel(2) now, if the price is able to carry the selling momentum from the past 24 hours, expect the price to touch again 1790. 1815(4) remains the S-T upside resistance.
As mentioned yesterday, the drop(5) on Monday is still dominating the trend on the daily chart. After the price has touched the resistance line(6), the pullback yesterday created the second selling signal. The selling momentum will accelerate if the daily price closes below 1800(7).
S-T Resistnaces:
1820
1812-15
1807
Market price: 1805
S-T Supprots:
1800-1797
1792
1785
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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