Gold fell more than USD 40 yesterday. Back from the weekend, the market gapped lower at the opening near 1841. Once the price broke out from 1843(1), selling had accelerated. At the US session, the price crossed the key support at 1833(2) and dropped further. The market had touched day-low at 1802 before closing with the day ending at 1804, down by USD 42.
Gold has completed a 61.8%(3) retracement from its previous climb. The price is now supported at 1800-03, however, a reversal signal has yet to form. The overall trend in the 1-hour is still dominated by selling. Expect the price to be bounded within 1800-20(4), before the next move.
The long-awaited consolidation has finally appeared after the price broke out from Range(5), the fall is a lot faster and sharper than expected. Although the price is currently standing at the 250 days MA(6), a reversal signal is yet to reveal. If the price travel to the downside in the next 48 hours, expect the price to touch trendline (7).
S-T Resistances:
1825
1820
1810-12
Market price: 1807
S-T Supports:
1803-00
1795
1790
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Gold has completed a 61.8%(3) retracement from its previous climb. The price is now supported at 1800-03, however, a reversal signal has yet to form. The overall trend in the 1-hour is still dominated by selling. Expect the price to be bounded within 1800-20(4), before the next move.
The long-awaited consolidation has finally appeared after the price broke out from Range(5), the fall is a lot faster and sharper than expected. Although the price is currently standing at the 250 days MA(6), a reversal signal is yet to reveal. If the price travel to the downside in the next 48 hours, expect the price to touch trendline (7).
S-T Resistances:
1825
1820
1810-12
Market price: 1807
S-T Supports:
1803-00
1795
1790
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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