Ready for a new weekly low in the next 48 hours!
Gold cleared most of the buying orders below 1960 yesterday. The price fluctuated within the range of 1961-69 early in the Asian/European sessions; and selling orders began to come into the market once the U.S. session opened, breaking the support at 1960(1). The day closed at 1949, down by USD 20.
1-hour Chart - The downtrend channel(2) mentioned yesterday can be fine-tuned now to (2.1). Pay attention to the newly formed downward resistance line(3), if any rebound within the downward channel(2) is deemed to form.
Daily chart- Gold closed at 1950 yesterday. The previously mentioned buying support below 1960/1950-55 has mostly been cleared at the US session yesterday. It is expected that gold prices will have a new week within the next 48 hours. The S-T target can be set at the 61.8% retracement level near 1934 (6) and the 50-day moving average(5).
S-T Resistances:
1965
1960
1955
Market price: 1952
S-T Supports:
1950
1944
1938-40
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Gold cleared most of the buying orders below 1960 yesterday. The price fluctuated within the range of 1961-69 early in the Asian/European sessions; and selling orders began to come into the market once the U.S. session opened, breaking the support at 1960(1). The day closed at 1949, down by USD 20.
1-hour Chart - The downtrend channel(2) mentioned yesterday can be fine-tuned now to (2.1). Pay attention to the newly formed downward resistance line(3), if any rebound within the downward channel(2) is deemed to form.
Daily chart- Gold closed at 1950 yesterday. The previously mentioned buying support below 1960/1950-55 has mostly been cleared at the US session yesterday. It is expected that gold prices will have a new week within the next 48 hours. The S-T target can be set at the 61.8% retracement level near 1934 (6) and the 50-day moving average(5).
S-T Resistances:
1965
1960
1955
Market price: 1952
S-T Supports:
1950
1944
1938-40
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think.
P. To
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