Gold fell USD25 yesterday. The market opened near 1768 early in the Asian market and had climbed toward the day-high at 1776 before the US session opening. Selling began at the US session. The price had fallen to a 1-month low near 1737 right before market closing, the day ended near 1742.
Although selling momentum from the day before resumed during the US session yesterday, the price has only been able to travel below 1750(3) before the market closed, in the hour of low market volume. Buying support so far is strong at the 1750 level(1). While the price has been traveling within the downtrend channel(2) in the 1-hour chart, it will begin to rebound toward the top of the channel(2) if the price fails to break yesterday's low in the coming 24 hours.
"Wave 5" on the daily chart has been extended by gold breaking the 1750 support at the day's end yesterday. While pattern(4) is getting close to an end, the market needs to close below 1750 today in order for the downward pattern(4) to continue.
S-T Resistances:
1765
1760
1755
Market price: 1751
S-T Supports:
1750
1745
1740
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Although selling momentum from the day before resumed during the US session yesterday, the price has only been able to travel below 1750(3) before the market closed, in the hour of low market volume. Buying support so far is strong at the 1750 level(1). While the price has been traveling within the downtrend channel(2) in the 1-hour chart, it will begin to rebound toward the top of the channel(2) if the price fails to break yesterday's low in the coming 24 hours.
"Wave 5" on the daily chart has been extended by gold breaking the 1750 support at the day's end yesterday. While pattern(4) is getting close to an end, the market needs to close below 1750 today in order for the downward pattern(4) to continue.
S-T Resistances:
1765
1760
1755
Market price: 1751
S-T Supports:
1750
1745
1740
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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