After gold settling above 1900 level for a good period of time, at last it broke through the 1800 floor to begin the week and stabilizes throughout the week. Lowest ditched to 1848.79 and bears lost its momentum there, bulls took over with a three-consecutive-weeks of worse than expected unemployment claims along with Fed Chair Powell’s talk on saving their balance sheet.

H1 trendlines indicating a bearish outlook however, top trendline were tested several times and the bear power failed to break 1862 showing a good chance that price could strike through the resistance. To confirm bull domination, price should manage to score above the line and be able to hold above 1873. Expect price to pull back to 1864/1866 first before it retests the bull trend. However, traders should pay close attentions to market price action.

Opportunity to enter long if price sees 1866 and target 1873 with safety stop measure at 1858.

Analysed by: Mr. Ronald Wu