Market

Gold Trend 12/04 – 16/04 (Review daily) for TVC:GOLD by ZcomBullion

Gold failed to break the 1750 resistance last Friday. Rejected by the peak from Mar. 18 at 1855, the price began to go down in the Asian session, it then further crossed the support line(1) during the European session and went all the way to day-low at 1730 at the opening of the US session. The day ended at 1744.

Although the price went past the resistance at 1750, the volume and momentum haven’t been able to support further climb. But notice the buying support at 1736(2) was strong. Until a real break occurs, the range will now be widened to 1736-455.

The double bottom pattern is still under development on the daily chart . The price may still need some time to accumulate buying momentum in order for it to escape the “sensitive zone” between 1750-60. As mentioned earlier, as the price has returned to the level above 1720, it should take 1-2 weeks to break the “neckline”. This week will be critical, if the price can’t break the resistance of 1750, it will need to consolidate before the next price movement, then the gold will enter a M-T range-bound of 1680-1750.

S-T Resistances:

1755-58

1750

1745

Market Price: 1744

S-T Supports:

1740

1736

1730

Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.

Most Related Links :
reporterwings Governmental News Finance News

Source link

Back to top button