Gold surged over USD 26 yesterday. The day has started at 1813. Early in the Asian session, the price was traded between 1810-15. The climb has officially begun after the price broke out from 1820 and the resistance trendline(1) at the European session. Buying accelerated at the US session, and the price reached day-high near market closing at 1843, the day ended at 1840.

Gold surged over USD 26 yesterday. The day has started at 1813. Early in the Asian session, the price was traded between 1810-15. The climb has officially begun after the price broke out from 1820 and the resistance trendline(1) at the European session. Buying accelerated at the US session, and the price reached day-high near market closing at 1843, the day ended at 1840.

In line with our expectations, the flag shape pattern (5) continues to develop in the daily chart. The uptrend channel(4) should dominate the daily chart in M-T.

S-T Resistances:

1855

1850

1840-43

Market price: 1830

S-T Supports:

1835

1830-28

1825

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