Gold dropped to as low as 1843 yesterday, but the price has rebounded quickly once the US session began. After 2 consecutive days of consolidation, an S-T downtrend(1) has been formed on the 1-hr chart. The upper resistance is now sitting near 1895.
The gold price is moving lower(3) after it has escaped the M-T support line(2). But the buying support is still strong below 1865(4) on the daily chart, and an M-T downtrend has yet to be formed. The market stays range-bound while the range is now narrowing down to 1865-1900.
S-T Resistances: 1875 1870 1865
Market Price: 1864
S-T Supports: 1860 1855 1851
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