Gold Trend 01/03
Gold eased after Russia-Ukraine ceasefire talks. The week began with the market opened gapping USD 30 higher at 1918 back from the weekend. The price has quickly jumped to 1931 but stayed above 1920 for only a short while. The gap(1) was refilled before the European session as the price touched 1893. Overall the price was range-bound between 1893-1920 yesterday, and the day ended at 1908.
As mentioned yesterday, the downtrend that originated from 1974 has been completed, and the price is still contained within 1883-1920(2). An S-T support line(3) has formed after the price rebounded before the closing yesterday. Expect the price to slide along this support line(3) toward 1920 until it breaks out from the range.
Gold has failed to clear the 1900-08 resistance zone(4); the daily was again below 1910. The structure on the daily chart hasn't changed much, and the M-T uptrend channel remains effective. Still waiting for the daily candle to close below 1890 to kick start the M-T consolidation trend toward 1850 or below. But before that, continue to take advantage of the 1880-1910(6) range.
S-T Resistances:
1920
1915
1910
Market price: 1906
S-T Supports:
1903-00
1893
1888
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P. To
As mentioned yesterday, the downtrend that originated from 1974 has been completed, and the price is still contained within 1883-1920(2). An S-T support line(3) has formed after the price rebounded before the closing yesterday. Expect the price to slide along this support line(3) toward 1920 until it breaks out from the range.
Gold has failed to clear the 1900-08 resistance zone(4); the daily was again below 1910. The structure on the daily chart hasn't changed much, and the M-T uptrend channel remains effective. Still waiting for the daily candle to close below 1890 to kick start the M-T consolidation trend toward 1850 or below. But before that, continue to take advantage of the 1880-1910(6) range.
S-T Resistances:
1920
1915
1910
Market price: 1906
S-T Supports:
1903-00
1893
1888
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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