The upward momentum is still picking up!
Driven by US inflation data, the gold price reached our target yesterday and continued to rise. During the early Asian/European sessions, the price fluctuated in a tight range between 1943-48 while the whole market was waiting for the release of the US figures. Once the US CPI was released, the gold price quickly touched the resistance at 1955(1). A new round of buying was triggered by the price breaking downtrend channel(2).
Gold reached the day-high near 1970, up by US$17.
1-hr chart - After escaping the descending channel(2) yesterday, the gold price has officially ended the downward trend originating from 2004. The current S-T upward momentum is still accelerating, no signs of a reversal signal yet. Expected that the upward trend will continue at least until the US session tonight. The short-term resistance is at 1970, if the US retail data slows down later on today, the 1st target can be set at 1980(3) or even higher.
Daily chart - There are no signs of a market top yet, and the trend remains predominantly bullish. The S-T resistance is at the 20-day MA(4). The M-T trading range (5) is still valid, and the resistance line(6) may play a key part in the coming 2 weeks.
S-T Resistances:
1980
1973
1970
Market price: 1968
S-T Supports:
1964
1960
1955
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Driven by US inflation data, the gold price reached our target yesterday and continued to rise. During the early Asian/European sessions, the price fluctuated in a tight range between 1943-48 while the whole market was waiting for the release of the US figures. Once the US CPI was released, the gold price quickly touched the resistance at 1955(1). A new round of buying was triggered by the price breaking downtrend channel(2).
Gold reached the day-high near 1970, up by US$17.
1-hr chart - After escaping the descending channel(2) yesterday, the gold price has officially ended the downward trend originating from 2004. The current S-T upward momentum is still accelerating, no signs of a reversal signal yet. Expected that the upward trend will continue at least until the US session tonight. The short-term resistance is at 1970, if the US retail data slows down later on today, the 1st target can be set at 1980(3) or even higher.
Daily chart - There are no signs of a market top yet, and the trend remains predominantly bullish. The S-T resistance is at the 20-day MA(4). The M-T trading range (5) is still valid, and the resistance line(6) may play a key part in the coming 2 weeks.
S-T Resistances:
1980
1973
1970
Market price: 1968
S-T Supports:
1964
1960
1955
If you like my work, kindly give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
P. To