Gold rallied from a new 2-month low yesterday. Carried the selling momentum from the day before, the market opened at 1863 and kept on falling early in the Asian session. The price finally touched the day-low 1850 at the European, and the rebound began. It touched the day-high 1878 at the US session with the day ended at 1868, up slightly by USD 5.
The selling seems to have slowed down early in the Asian session today while the price is now escaping the selling from trendline(1), which has just been formed in the last 24 hours, setting up a new range of 1850-80(3). Although the selling has halted in S-T, the overall trend is still bearish on the 1-hour chart. If the price broke the 1850 support later on today, we could aim for 1835 or even lower as the downside target. On the other hand, if the price fails to go below 1850 after the US Fed. Meeting today, the market will trigger a round of rebounds (profit taking) before the weekend; once it breaks the resistance of the trendline(2), the price will travel again toward 1920.
Buying support between 1850-60(4) is relatively strong as gold has been closing above 1860 for two consecutive days now. A temporary bottom has formed on the daily chart; if the price can't close below 1850 in the next 2-3 days, it will begin to settle down between the 1850-1920 range.
S-T Resistances:
1880
1874
1865
Market price: 1864
S-T Supports:
1855
1850
1843
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The selling seems to have slowed down early in the Asian session today while the price is now escaping the selling from trendline(1), which has just been formed in the last 24 hours, setting up a new range of 1850-80(3). Although the selling has halted in S-T, the overall trend is still bearish on the 1-hour chart. If the price broke the 1850 support later on today, we could aim for 1835 or even lower as the downside target. On the other hand, if the price fails to go below 1850 after the US Fed. Meeting today, the market will trigger a round of rebounds (profit taking) before the weekend; once it breaks the resistance of the trendline(2), the price will travel again toward 1920.
Buying support between 1850-60(4) is relatively strong as gold has been closing above 1860 for two consecutive days now. A temporary bottom has formed on the daily chart; if the price can't close below 1850 in the next 2-3 days, it will begin to settle down between the 1850-1920 range.
S-T Resistances:
1880
1874
1865
Market price: 1864
S-T Supports:
1855
1850
1843
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
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