Gold traded in a narrow range again yesterday. It was supported at 1736 early in the Asian and European session, and the price broke the 1736 support(1) at the US session pulling the price all the way down to day-low 1730. The market ended at 1732 with an 11 dollars drop.
The price is currently supporting at 1720-22 level. Gold needs to break the S-T resistance line(2), which has formed during the past 48 hours, in order for it to begin its S-T rebound.
The price was supported by the 20 days MA yesterday on the daily chart, but this 20 days MA has been broken earlier today. The double-bottom pattern continues to build, where the price near level 1720 should be the lowest before it starts to climb & break the "neckline" near 1750-55; on the other hand, if the price goes below 1720, the whole double-bottom will begin to deform, entering a range-bound structure between 1680-1750. Once again, the next few trading days will be critical for the M-T price movement.
S-T Resistances:
1740-42
1736
1728-30
Market Price: 1727
S-T Supports:
1725
1722-20
1714
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The price is currently supporting at 1720-22 level. Gold needs to break the S-T resistance line(2), which has formed during the past 48 hours, in order for it to begin its S-T rebound.
The price was supported by the 20 days MA yesterday on the daily chart, but this 20 days MA has been broken earlier today. The double-bottom pattern continues to build, where the price near level 1720 should be the lowest before it starts to climb & break the "neckline" near 1750-55; on the other hand, if the price goes below 1720, the whole double-bottom will begin to deform, entering a range-bound structure between 1680-1750. Once again, the next few trading days will be critical for the M-T price movement.
S-T Resistances:
1740-42
1736
1728-30
Market Price: 1727
S-T Supports:
1725
1722-20
1714
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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