Gold continued to trade in a narrow range yesterday. The market opened at 1836, and a tight 1833-40 range bounded the price throughout the Asian & European sessions. The range widened during the US session, where the price touched a new day-high 1843 and a new day-low at 1828 before the day ended around 1832.
Gold is still under pressure from the downward trendline(2) mentioned yesterday. The price is currently trading at below 1830 early in the Asian session. Unless the price can jump back upon 1830 later in the European or US session, the price will have to go toward the downside 1820 or even lower.
Althought the US holiday is over now, the range for the gold has maintained relatively tight. Under the current market condition, the trend is turning weak on the daily chart after the price settled below the 250 days MA(5) yesterday. The upcoming downside support is now near 1815-20.
S-T Resistances:
1840
1833-35
1830
Market price: 1828
S-T Supports:
1820
1810-08
1805-00
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Gold is still under pressure from the downward trendline(2) mentioned yesterday. The price is currently trading at below 1830 early in the Asian session. Unless the price can jump back upon 1830 later in the European or US session, the price will have to go toward the downside 1820 or even lower.
Althought the US holiday is over now, the range for the gold has maintained relatively tight. Under the current market condition, the trend is turning weak on the daily chart after the price settled below the 250 days MA(5) yesterday. The upcoming downside support is now near 1815-20.
S-T Resistances:
1840
1833-35
1830
Market price: 1828
S-T Supports:
1820
1810-08
1805-00
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
P. To
