- Gold lacks clear directional bias with prices stuck in an expanding sideways channel.
- A breakout would open the doors for re-test of record highs.
Gold has carved out a broadening sideways channel on the 5-minute chart. At press time, the yellow metal is trading largely unchanged on the day near $1,957 per ounce.
A break below the lower end or support of the broadening channel, currently at $1,945, would validate the ascending channel breakdown witnessed during the overnight trade and shift risk in favor fo a drop to lows below $1,910 observed on Tuesday.
Alternatively, a move above the channel hurdle at $1,966 would imply a resumption of the rally from lows below $1,910 and open the doors to re-test of the record high of $1,981.20 reached during Tuesday's Asian trading hours.
Trend: Bullish above $1,966
|Today last price||1959.06|
|Today Daily Change||0.56|
|Today Daily Change %||0.03|
|Today daily open||1958.5|
|Previous Daily High||1981.34|
|Previous Daily Low||1907.04|
|Previous Weekly High||1906.68|
|Previous Weekly Low||1805.86|
|Previous Monthly High||1785.91|
|Previous Monthly Low||1670.76|
|Daily Fibonacci 38.2%||1952.96|
|Daily Fibonacci 61.8%||1935.42|
|Daily Pivot Point S1||1916.58|
|Daily Pivot Point S2||1874.66|
|Daily Pivot Point S3||1842.28|
|Daily Pivot Point R1||1990.88|
|Daily Pivot Point R2||2023.26|
|Daily Pivot Point R3||2065.18|
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