Gold dipped to near 1730 yesterday. The week began at 1750; the price has kept moving lower throughout the day, whereas the selling momentum from last week has resumed back from the weekend. It touched day-low at 1731 at the US session, with the day ending at 1737.
An S-T downtrend channel(2) has formed in the past 72 hours since gold escaped the uptrend channel(1) last week. 1730 should be able to provide support for gold in the short run. Trading range(3) should be effective in the next 24-48 hours; if the price fails to clear the support at 1730, a wider range of 1730-70(4) will last until the end of the week.
The previous peak of 1730 has provided support on the daily chart. The current rebound target can be set at the 5-day/10 days MA at 1755. The next significant move will be depended on the US Fed. Minutes scheduled to be released this Thr.
An S-T peak has occurred after the price breakout from the 5-day MA support on the daily chart. 1746 is the 23.6& retracement following the 38.2% target at near 1722.
S-T Resistances:
1760
1755
1748-50
Market price: 1741
S-T Supports:
1740
1735
1730
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An S-T downtrend channel(2) has formed in the past 72 hours since gold escaped the uptrend channel(1) last week. 1730 should be able to provide support for gold in the short run. Trading range(3) should be effective in the next 24-48 hours; if the price fails to clear the support at 1730, a wider range of 1730-70(4) will last until the end of the week.
The previous peak of 1730 has provided support on the daily chart. The current rebound target can be set at the 5-day/10 days MA at 1755. The next significant move will be depended on the US Fed. Minutes scheduled to be released this Thr.
An S-T peak has occurred after the price breakout from the 5-day MA support on the daily chart. 1746 is the 23.6& retracement following the 38.2% target at near 1722.
S-T Resistances:
1760
1755
1748-50
Market price: 1741
S-T Supports:
1740
1735
1730
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
P. To
P. To @ 1uptick Analytic
