Gold continued to retreat yesterday. The price has traded between 1860-68 early in the Asian and European sessions until it broke the support at 1860 at the US session. Day-low touched 1851 and the day ended near 1858, down by USD 7.
Gold remained in the downward channel(1) on the 1-hr chart. Price should run between the resistance at 1867 and the S-T support line(2), before the US session today.
Gold escaped the range-bound of 1865-1900 yesterday as it was rejected by 1865(3) a few times. It is now settling in the downtrend channel(4) after the price has broken the M-T support line(6). If gold is able to break the support of the 250 days MA(5), the 1st retracement target should be around 1826(7).
S-T Resistances:
1870
1865
1860
Market Price: 1857
S-T Supports:
1855
1851
1844
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Gold remained in the downward channel(1) on the 1-hr chart. Price should run between the resistance at 1867 and the S-T support line(2), before the US session today.
Gold escaped the range-bound of 1865-1900 yesterday as it was rejected by 1865(3) a few times. It is now settling in the downtrend channel(4) after the price has broken the M-T support line(6). If gold is able to break the support of the 250 days MA(5), the 1st retracement target should be around 1826(7).
S-T Resistances:
1870
1865
1860
Market Price: 1857
S-T Supports:
1855
1851
1844
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
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