Gold retreated from the 5-month high yesterday. The day started near 1861 early in the Asian session. Once the price broke the 1870 resistance, it has gone all the way to a new 5-month high at 1876. However, soon after the US economic figures were released, the price quickly fell. It dropped to day-low 1849, with the day ending near 1850, down by USD 12.
The price is still trading within the wedge pattern(1) as mentioned in the past few days. As the price pulled away from the top section of the pattern, the forgotten S-T trend line(1.1) is now providing support. 1843 will provide support to the downside, if the price breaks out from 1843, the next target can be set at 1833 & 1820 thereafter.
A sign of reversal(3) has been formed after the price pulled back from the peak yesterday. If the price can break out from Range (2) on the daily chart, the long-awaited consolidation period will finally appear.
S-T Resistances:
1868
1860-62
1855
Market Price: 1852
S-T Supports:
1850
1845-43
1840
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The price is still trading within the wedge pattern(1) as mentioned in the past few days. As the price pulled away from the top section of the pattern, the forgotten S-T trend line(1.1) is now providing support. 1843 will provide support to the downside, if the price breaks out from 1843, the next target can be set at 1833 & 1820 thereafter.
A sign of reversal(3) has been formed after the price pulled back from the peak yesterday. If the price can break out from Range (2) on the daily chart, the long-awaited consolidation period will finally appear.
S-T Resistances:
1868
1860-62
1855
Market Price: 1852
S-T Supports:
1850
1845-43
1840
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 Analytic
