Gold edged down yesterday. The price had continued to slip after the market opened near day-high 1768 early in the Asian session. Once the price break the S-T support line(1), selling had accelerated. The price touched the day-low near 1748 at the US session. The market closed with a rebound at 1759, down by USD 9.
The gold price has failed to push higher while it has been hovering over the upper resistance of the previous channel (3). A new S-T support line(2) has been formed on the 1-hour chart after the price touched 1748 yesterday. As the active trend line shifts from yesterday's line(1) to currently(2), the upward momentum is now slowing down. As mentioned yesterday, the price needs to touch a new high in the next 24 hours, otherwise, the uptrend will run out of momentum entering a period of horizontal consolidation(4).
So far support has been strong below 1760 after 2 days of rally(6). The market condition is just like yesterday, The market will need to close above 1760 in order to maintain its current path upward. If the market closes below 1760 today, gold may enter a short period of consolidation.
S-T Resistances:
1770
1764
1760
Market price: 1756
S-T Supports:
1755
1750
1744-45
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The gold price has failed to push higher while it has been hovering over the upper resistance of the previous channel (3). A new S-T support line(2) has been formed on the 1-hour chart after the price touched 1748 yesterday. As the active trend line shifts from yesterday's line(1) to currently(2), the upward momentum is now slowing down. As mentioned yesterday, the price needs to touch a new high in the next 24 hours, otherwise, the uptrend will run out of momentum entering a period of horizontal consolidation(4).
So far support has been strong below 1760 after 2 days of rally(6). The market condition is just like yesterday, The market will need to close above 1760 in order to maintain its current path upward. If the market closes below 1760 today, gold may enter a short period of consolidation.
S-T Resistances:
1770
1764
1760
Market price: 1756
S-T Supports:
1755
1750
1744-45
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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