Expect the price to touch 2050 again later this week!
After the long weekend holiday, gold finally cleared the 2000 resistance early during the Asian session today. The gold price remained relatively calm late last week, hovering near 1990-93; it wasn't until Friday's US session that it surged towards the 2000 level, closing the week at 2002.
1-hour chart - The price of gold broke through the short-term downward resistance(1) during the US session last Friday, and after the holiday with an increased volume at the Asian session today, a new round of buying has finally triggered. It climbed over the previous October peak of 2010(2) and reached the next target resistance at 2020 (6). For now... a temporary uptrend channel (3) can be used as a guide for the upward movement; however, looking back at the gold price in May 2023 around this level, I believe that the selling pressure above 2020 should remain strong, requiring news or a new technical structure for the break. Set the trading range between 2000-2020(4) for now.
Daily chart - Gold finally breaks through the downward resistance (5), and the short-term trend should remain upward. The price is expected to continue to rise after a short-term adjustment (5.1). The target can be set at 2050 (7).
S-T Resistances:
2028
2018-20
2012
Market price: 2012
S-T Supports:
2010
2000-03
1993
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After the long weekend holiday, gold finally cleared the 2000 resistance early during the Asian session today. The gold price remained relatively calm late last week, hovering near 1990-93; it wasn't until Friday's US session that it surged towards the 2000 level, closing the week at 2002.
1-hour chart - The price of gold broke through the short-term downward resistance(1) during the US session last Friday, and after the holiday with an increased volume at the Asian session today, a new round of buying has finally triggered. It climbed over the previous October peak of 2010(2) and reached the next target resistance at 2020 (6). For now... a temporary uptrend channel (3) can be used as a guide for the upward movement; however, looking back at the gold price in May 2023 around this level, I believe that the selling pressure above 2020 should remain strong, requiring news or a new technical structure for the break. Set the trading range between 2000-2020(4) for now.
Daily chart - Gold finally breaks through the downward resistance (5), and the short-term trend should remain upward. The price is expected to continue to rise after a short-term adjustment (5.1). The target can be set at 2050 (7).
S-T Resistances:
2028
2018-20
2012
Market price: 2012
S-T Supports:
2010
2000-03
1993
If you like my work, please give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
P. To