Gold fell USD 19 yesterday. The drop began early after the day began near day-high around 1810 at the Asian session. Once the price broke the support of the uptrend channel(1), the selling has accelerated. The price went to the early low around 1792. After a brief rebound, the second round of selling occurred at the US session, the price touched a day-low near 1787 and ended at 1790.
The uptrend originated from Dec. 16 is now officially ended after the price has escaped the uptrend channel(1). The price has already arrived at our 1st target near 1790. Overall the trend in the 1-hour chart is still pointing down. While the price is tangling around 1790(2), we can still expect the price to sink lower toward 1775(3). Be cautious where the US employment figure may alter the S-T trend tonight.
In line with our expectations, the daily chart is dominated by the bear. As mentioned yesterday, selling has accelerated after it broke the 1800(4) support. There will be buying support around 1785-87(5) in S-T. Before a rebound sign appears, the direct is still pointing downward.
S-T Resistances:
1806
1800-1797
1790-92
Market price: 1788
S-T Supports:
1785
1780
1775
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The uptrend originated from Dec. 16 is now officially ended after the price has escaped the uptrend channel(1). The price has already arrived at our 1st target near 1790. Overall the trend in the 1-hour chart is still pointing down. While the price is tangling around 1790(2), we can still expect the price to sink lower toward 1775(3). Be cautious where the US employment figure may alter the S-T trend tonight.
In line with our expectations, the daily chart is dominated by the bear. As mentioned yesterday, selling has accelerated after it broke the 1800(4) support. There will be buying support around 1785-87(5) in S-T. Before a rebound sign appears, the direct is still pointing downward.
S-T Resistances:
1806
1800-1797
1790-92
Market price: 1788
S-T Supports:
1785
1780
1775
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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