Gold pulled back from the 1-week high yesterday. Shortly after the market opened at 1848, the price crossed the 1850 resistance early in the Asian session. The day peaked at 1865 before the US session, and the day ended at 1853, up by USD 7.

The price pulled back from the upper limit of the uptrend channel(2) yesterday, and it is currently supporting at 1850(1). Gold maintains its path within the uptrend channel(2); once it clears the resistance near 1865, the upside target can be set at 1890.

Gold needs to close above the 20 days MA(4) in order to trigger a new round of buying on the daily chart. If the price consolidates further today, the downside support will be at the 5 days MA(5).

S-T Resistances:

1870-72

1865

1860

Market price: 1855

S-T Supports:

1850

1845

1837-35

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