Gold retreated from the 5-month peak yesterday. The price was rejected by the resistance at 1915 early in the Asian/European session. It broke the support at 1900 at the US session, touched as low as 1892. The day ended at 1900.
The uptrend that originated from May 17 is now finished as the price has escaped the uptrend channel(1). Before a new trend being established, we can expect a trading range between 1880-1910 as a start. An S-T support line(2) has been formed by the market in the past 24 hours, if it breaks, expect the price to consolidate further down.
Gold has been hovering around 1900 for a few days now. After yesterday's fall, it seems like the gold market is preparing a round of consolidation on the daily chart. As mentioned yesterday, the near-term uptrend will be finished once the price breaks the S-T support line(4). The next 48 hours will be key, if it starts to fall, the 1st target will be at around 1865.
S-T Resistances:
1915
1910
1900
Market price: 1897
S-T Supports:
1892-90
1885
1880
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The uptrend that originated from May 17 is now finished as the price has escaped the uptrend channel(1). Before a new trend being established, we can expect a trading range between 1880-1910 as a start. An S-T support line(2) has been formed by the market in the past 24 hours, if it breaks, expect the price to consolidate further down.
Gold has been hovering around 1900 for a few days now. After yesterday's fall, it seems like the gold market is preparing a round of consolidation on the daily chart. As mentioned yesterday, the near-term uptrend will be finished once the price breaks the S-T support line(4). The next 48 hours will be key, if it starts to fall, the 1st target will be at around 1865.
S-T Resistances:
1915
1910
1900
Market price: 1897
S-T Supports:
1892-90
1885
1880
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To
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