Gold rallied from above 1800 last Friday. The price had begun its fall after the price reached the day-high early in the European session. The price went down gradually with the day ended near 1787, down by USD 6.
Since the price escaped the trendline(1) last week, the buying support below 1790 has remained strong, with an S-T bottom being formed around 1785. The structure in the 1-hour chart hasn't changed much from last Friday as the trading range stays between 1784-1810(3).
The price has once again closed below 1790 on the daily chart, showing a sign of the support at 1790 is weakening. An S-T horizontal range 1785-1805(4) has newly been formed from the past few days waiting for a breakout.
S-T Resistances:
1805-7
1800
1793-95
Market price: 1791
S-T Supports:
1790-88
1785
1780
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Since the price escaped the trendline(1) last week, the buying support below 1790 has remained strong, with an S-T bottom being formed around 1785. The structure in the 1-hour chart hasn't changed much from last Friday as the trading range stays between 1784-1810(3).
The price has once again closed below 1790 on the daily chart, showing a sign of the support at 1790 is weakening. An S-T horizontal range 1785-1805(4) has newly been formed from the past few days waiting for a breakout.
S-T Resistances:
1805-7
1800
1793-95
Market price: 1791
S-T Supports:
1790-88
1785
1780
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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