Gold pulled back yesterday from the 1 week-high. The price has gradually gone down after the market opened near 1803. Once the market volatility had increased at the US session, it crossed 1800 support and traveled all the way to day-low 1789. The day ended near 1793, down USD 11.
The gold price has failed to carry the buying momentum from the day before. The price has been pressured by the S-T resistance line(1) the whole day yesterday. The 1785-1810(2) zone is as good as yesterday. While the price is now resuming its position below 1800, it may once again touch the bottom of the zone, 1785, in the next 24 hours.
It was one of the better opportunities for the gold to break out from the 1785-1805(3) range yesterday, however, it was rejected by 1810 again. While the price is staying within the 1785-1805(3) zone now, need to pay close attention in the next 2 days to see whether the selling momentum will accelerate, after the price has jumped up the day before and now diving down. If the price breaks the previous low of 1780, the next target will be near 1770 or lower.
S-T Resistances:
1806
1800
1793-95
Market price: 1790
S-T Supports:
1785
1780
1770
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The gold price has failed to carry the buying momentum from the day before. The price has been pressured by the S-T resistance line(1) the whole day yesterday. The 1785-1810(2) zone is as good as yesterday. While the price is now resuming its position below 1800, it may once again touch the bottom of the zone, 1785, in the next 24 hours.
It was one of the better opportunities for the gold to break out from the 1785-1805(3) range yesterday, however, it was rejected by 1810 again. While the price is staying within the 1785-1805(3) zone now, need to pay close attention in the next 2 days to see whether the selling momentum will accelerate, after the price has jumped up the day before and now diving down. If the price breaks the previous low of 1780, the next target will be near 1770 or lower.
S-T Resistances:
1806
1800
1793-95
Market price: 1790
S-T Supports:
1785
1780
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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