Gold slid over USD 12 yesterday. The price has fallen to the support zone 1790-93 early in the Asian session. During the US session, the price has first touched 1797 and began its drop toward day-low 1782. The day ended at 1790.
Gold failed to stay above the key support of 1793 yesterday, a sign of the upward momentum, from the beginning of the week, is slowing down and the upward structure is now deforming. While the price is trading below 1790, the 1790-93(3) selling zone becomes once again the key upside resistance. A temporary channel(2) has been formed on the 1-hour chart. If the support of channel 2 is broken, the price will resume back to last week's 1775-93(4) zone.
Although the market was supported by 1790 at the day's end yesterday, the price is well below the key support of 1797 on the daily chart. If the price failed to close above 1790 today, the overall trend will be shifted from 1790-1835 to 1775-1810.
S-T Resistances:
1800
1797
1790-93
Market Price: 1787
S-T Supports:
1780
1775
1770
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Gold failed to stay above the key support of 1793 yesterday, a sign of the upward momentum, from the beginning of the week, is slowing down and the upward structure is now deforming. While the price is trading below 1790, the 1790-93(3) selling zone becomes once again the key upside resistance. A temporary channel(2) has been formed on the 1-hour chart. If the support of channel 2 is broken, the price will resume back to last week's 1775-93(4) zone.
Although the market was supported by 1790 at the day's end yesterday, the price is well below the key support of 1797 on the daily chart. If the price failed to close above 1790 today, the overall trend will be shifted from 1790-1835 to 1775-1810.
S-T Resistances:
1800
1797
1790-93
Market Price: 1787
S-T Supports:
1780
1775
1770
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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