Gold tested the support at 2020 twice last week and officially bottomed out after the release of US inflation data. It then rebounded and reached a high of 2062 before closing the week at 2048. However, it failed to hold above the 2050 level.
1-hour chart – Gold broke through the downward resistance line(1), originating from the 2088 peak during the US trading session last Fri, marking the end of the S-T downward cycle on the hourly chart. The price again surpassed the 2050 resistance late last week, showing a sign of the selling resistance gradually weakening at that level. The trading range is expected to broaden, expanding from the previous range of 2020-50 to 2015-2065(2).
Daily chart – After gold broke away from the upward support(3), it touched the 50-day MA last week (6), forming a sideways structure in the range of 2015-2065(4). Flow with the 2015-65(4) range for now, with S-T support at 2048 (20-day MA) and a stop-loss above the resistance zone of 2070-2079.
|
S-T ressitance 3 |
2065 |
|
S-T ressitance 2 |
2060 |
|
S-T ressitance 1 |
2056 |
|
Market price |
2055 |
|
S-T support 1 |
2048-50 |
|
S-T support 2 |
2043 |
|
S-T support 3 |
2040 |
P. To
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