Gold run for the record high yesterday. The day began at 1997 early in the Asian session, and once it had breached the 2000 barrier, the price reached the early high at the 2020 level. The climb resumed at the US session, and it touched the day-high at 2070. The day finally ended at 2049, up by USD 52.
The high and low of 2020-70 at the US session yesterday has created an S-T trading range for today. Notice the gold price is not able to stay above 2062 for more than 15 mins so far. The buying was thin above 2060 with the actions dominated mainly by profit-taking. Before the next breakout, expect the price to be range-bound by 2030-60(3). If the price breaks the support of trendline(2) in S-T, the price will move toward the bottom of the range around 2030.
After the price cleared the major resistance 1950 last Friday, the price has reached our 2065 target yesterday. No reversal signal has yet appeared in the daily chart; the trend remains upward. Although the price is near the record high now, the price has more potential to move higher under the current market conditions. Before the breakout, expect the price to trade within 2000-65 range in the next two days,
S-T Resistances:
2068-72
2060
2055
Market price: 2053
S-T Supports:
2050
2040
2035
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The high and low of 2020-70 at the US session yesterday has created an S-T trading range for today. Notice the gold price is not able to stay above 2062 for more than 15 mins so far. The buying was thin above 2060 with the actions dominated mainly by profit-taking. Before the next breakout, expect the price to be range-bound by 2030-60(3). If the price breaks the support of trendline(2) in S-T, the price will move toward the bottom of the range around 2030.
After the price cleared the major resistance 1950 last Friday, the price has reached our 2065 target yesterday. No reversal signal has yet appeared in the daily chart; the trend remains upward. Although the price is near the record high now, the price has more potential to move higher under the current market conditions. Before the breakout, expect the price to trade within 2000-65 range in the next two days,
S-T Resistances:
2068-72
2060
2055
Market price: 2053
S-T Supports:
2050
2040
2035
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
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