Gold Trend 24/01

Gold retraced slightly last Friday. The day has started weak at 1839 and the price touched the early low at 1828 near the opening of the European session. The price had a quick rebound to 1843 at the US session, and the day ended near 1828, down by USD 5.

So far, gold has been behaving quite well within 1830-50 on the 1-hour chart as we have expected. After 2 days of consolidation before the weekend, a downward resistance trendline(1) has been formed. The price will once again touch the top of the 1830-50(2) range in S-T if it crosses the resistance line(1). Expect the price to stay within 1830-50(2) within the day.

As mentioned before the weekend, the S-T reversal signal(5) has dominated the S-T trend. However, gold is still maintaining its path within the uptrend channel(3) on the daily chart. And the major support is now at 1830(4) on the daily chart, in case it breaks later on this week, the price will visit again the bottom of the channel(3).

S-T Resistances:

1855

1850

1843-41

Market price: 1836

S-T Supports:

1835

1830-28

1825

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