Gold consolidated further yesterday. Before the US session, the price has traded between 1793-1800 throughout the day. And it fell all the way to day-low 1783 right after it has touched the day-high 1802. The day ended at 1789, done by USD 4.
The price has broken the support line(1) on the 1-hour chart, the upward momentum originated from Aug. 16 is now officially completed. The downside target can now be set at 1770. However, there were still a few buying support around 1783(3) yesterday. Before the price can clear all the buying orders below 1785, expect the price to trade in a tight range between 1785-1793(2).
The price closed below 1790 yesterday, showing a sign of weakness, but somehow still managed to stay in the 1790-1835(5) horizontal zone. Today, if the price can drop lower and further escape from 1790, the price should be able to get away from the 1790-1835 range, the downside target should be around 1775 on the daily chart.
S-T Resistances:
1800
1797
1790-93
Market price: 1788
S-T Supports:
1785
1778-80
1775
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The price has broken the support line(1) on the 1-hour chart, the upward momentum originated from Aug. 16 is now officially completed. The downside target can now be set at 1770. However, there were still a few buying support around 1783(3) yesterday. Before the price can clear all the buying orders below 1785, expect the price to trade in a tight range between 1785-1793(2).
The price closed below 1790 yesterday, showing a sign of weakness, but somehow still managed to stay in the 1790-1835(5) horizontal zone. Today, if the price can drop lower and further escape from 1790, the price should be able to get away from the 1790-1835 range, the downside target should be around 1775 on the daily chart.
S-T Resistances:
1800
1797
1790-93
Market price: 1788
S-T Supports:
1785
1778-80
1775
If you like our work, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
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