Gold fell below 1820 in choppy trading yesterday, within our expected range of 1820-1845. The trend is now shifting downward after the price has broken the support at 1820 before the market closing yesterday. The trading range for today has been lower to 1812-26, and it may move further down to 1796-1812 in the next 48 hours. Since the gold market has been choppy lately, the gold price may once again hit 1840, be cautious if the price break the 1826(1) resistance again.
After consecutive 4 days of rejection by 1840-45, a peak(2) at 1840 has finally formed on the daily chart. The price needs to drop below 1815 in order for an M-T downtrend to be confirmed, before that, expect 1815-40 range-bound for now.
S-T Resistances:
1830
1826
1820
Market Price: 1819
S-T Supports:
1815
1812
1810-09
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After consecutive 4 days of rejection by 1840-45, a peak(2) at 1840 has finally formed on the daily chart. The price needs to drop below 1815 in order for an M-T downtrend to be confirmed, before that, expect 1815-40 range-bound for now.
S-T Resistances:
1830
1826
1820
Market Price: 1819
S-T Supports:
1815
1812
1810-09
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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