The gold price slipped sharply at the US session yesterday. At the market opening yesterday, it has carried the buying momentum from the day before, the price tested the 1815-18 resistance zone a few times during the Asian & European sessions. The break to the upside happened at the US session opening. The price cleared both the 1815-18 resistance zone and the S-T resistance line(1), touched day-high at 1825. But the momentum failed to maintain, shortly after it has peaked, selling orders were triggered by the breaching of the support line(1) and 1815. The price has gone all the way to day-low 1804, with the day ended at 1807, down slightly by USD 2.
The gold market has been choppy during the US trading sessions in the past 2 days. As time went by, the resistance between 1815-18 has further been reduced, but the resistance at 1818 will still affect the price movement. Price is now standing above the S-T support line(2) on the 1-hr chart and the newly formed resistance line(4) should be a key resistance for today.
The lower shadow line(4) from the rally the day before has basically been neutralized by the pullback yesterday(5). Since the price has escaped the upward support(6) originated from June 30, a horizontal range of 1795-1825 is preliminarily being set up after the last 2 days of trading.
S-T Resistances:
1825
1818-20
1815
Market price: 1814
S-T Supports:
1810
1805
1800
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The gold market has been choppy during the US trading sessions in the past 2 days. As time went by, the resistance between 1815-18 has further been reduced, but the resistance at 1818 will still affect the price movement. Price is now standing above the S-T support line(2) on the 1-hr chart and the newly formed resistance line(4) should be a key resistance for today.
The lower shadow line(4) from the rally the day before has basically been neutralized by the pullback yesterday(5). Since the price has escaped the upward support(6) originated from June 30, a horizontal range of 1795-1825 is preliminarily being set up after the last 2 days of trading.
S-T Resistances:
1825
1818-20
1815
Market price: 1814
S-T Supports:
1810
1805
1800
If you like our analysis, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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