Gold continued to wander near the weekly high yesterday. The price has touched the day-high at 1794 early in the Asian session and it began its way down. The day ended at 1787, up slightly by USD 1.
Gold is still in a period of consolidation in the 1-hour chart after it has been rejected by 1793. The price has broken the S-T support line(1) early in the Asian session today. In the past 48 hours, a new downtrend channel(3) has been formed. Unless the selling momentum can accelerate and breakout from the bottom of the channel(3) touching 1760 in S-T, otherwise the upward flag(4) will be the major pattern under development on the 1-hour chart, with the key breakout resistance at 1790-93(5).
The price has been rejecting by 1790 on the daily chart. Range-bound is now trading between 1760-90 with major resistance at 1797(6).
S-T Resistances: 1793-97 1790 1780
Market price: 1778
Major Supports: 1770-72 1760 1755
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