Gold rallied at the 5-month peak last Friday. The selling has been relatively strong early in the Asia/European session after the market opened at 1861. The price has touched the day-low near 1843 before the US session. The rebound began as the gold entered the US session and the price was once again rejected by 1868. The day ended at 1864, up by USD 3.

The uptrend channel (1) can still be used as a reference guideline on the 1-hour chart. The market condition remains pretty much the same as last week, where the resistance above 1865-68(2) stays strong. A wedge pattern has been newly formed since last Thursday, the support is near 1843.

The S-T pattern(4) remains the same as last week on the daily chart. The price is still bound by 1848-68(4) awaiting the breakout.

S-T Resistances:

1875

1868

1860-62

Market price: 1858

S-T Supports:

1855

1850

1844

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