Gold fell more than USD 30 yesterday. The day started at 1851, and the price touched the day-high 1858 early in the Asian session, then the slide began. Once the price escaped the 1840-65(3) range-bound at the US session, selling orders entered the market. The selling momentum has accelerated further after the price broke out from the previous day-low 1830(2), leading the price to the day-low at 1820. The day ended at 1821, down USD 31.
Carried the selling momentum from closing the day before, the price has dipped to 1809(5) early in the Asian session today, but the rebound was fast. The buying below 1820 so far seems supportive. Before the market enters into the more active US session today, expect the price to be bounded between 1820-30(6) for S-T(short-term). If the price can go below 1820 before the day's end today, the price should be able to travel toward 1800 in the next 48 hours. On the other hand, the price needs to go above the newly formed trendline(4) in order to end the current selling trend.
The downtrend channel(9) on the daily chart is still in effect, and the selling has resumed after the price cleared the support from the 250 day MA(7). Notice that the price must close below 1820 today for the selling momentum from yesterday' to carry on; otherwise, the lower wick(8) formed during the early Asian session may turn out to be an S-T rebounding signal.
S-T Resistances:
1840
1835
1830
Market price: 1825
S-T Supports:
1820
1815
1808-10
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Carried the selling momentum from closing the day before, the price has dipped to 1809(5) early in the Asian session today, but the rebound was fast. The buying below 1820 so far seems supportive. Before the market enters into the more active US session today, expect the price to be bounded between 1820-30(6) for S-T(short-term). If the price can go below 1820 before the day's end today, the price should be able to travel toward 1800 in the next 48 hours. On the other hand, the price needs to go above the newly formed trendline(4) in order to end the current selling trend.
The downtrend channel(9) on the daily chart is still in effect, and the selling has resumed after the price cleared the support from the 250 day MA(7). Notice that the price must close below 1820 today for the selling momentum from yesterday' to carry on; otherwise, the lower wick(8) formed during the early Asian session may turn out to be an S-T rebounding signal.
S-T Resistances:
1840
1835
1830
Market price: 1825
S-T Supports:
1820
1815
1808-10
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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