Gold rebounded from the 1-month low yesterday. The day began at 1807, and the price has kept moving higher early in the Asian & European sessions. Gold reached the early high at the US session opening near 1836. Once the US Fed. announced the result, the price jumped to the day-high at 1841, with the day ending at 1832, up by USD 24.

The market reaction wasn’t too strong after the US Fed. Meeting where the price remains in the 1808-40(1) range. An S-T upward trendline(2) has formed in the past 24 hours. If the price can clear the selling resistance at yesterday’s peak near 1840, it will be able to touch again 1860 in the next 24-48 hours.

The buying support below 1810 is still strong. However, the price has yet to clear the selling resistance at the 250 days MA(3). Before the price can break out from the 250 days MA(3), expect the price to be bound between 1810-34 on the daily chart.

S-T Resistances:

1848-50

1840

1833-35

Market price: 1831

S-T Supports:

1830

1820

1810-08

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