Gold pulled back from the weekly high yesterday. The market opened in 1785 and the price had mainly been trading between 1782-88 throughout the Asian & European sessions. Once the US session began, selling poured into the market. Price went to as low as 1766. The day eventually ended at 1770, down USD 16.
A round trip from 1770-92(1) and back since 10/12, the horizontal range-bound strategy has basically been completed nicely in just 4 trading days. The price is still supporting at 1770, however, selling momentum seems to have accelerated in the past 24 hours. If the price break the support at 1770, estimate the price will have a 1:1 drop (2) from its previous range, targeting around 1748.
Trendline(4) has failed to offer the gold uptrend support yesterday, and it is the first time in a week that the price closed below 1774(5) in the daily chart, signs of the price heading lower. If the price breaks the key 1770 support and escapes the support zone between 1760-70, the downside target can be aimed at around 1720 on the daily chart.
S-T Resistance:
1788
1780
1775
Market price: 1770
S-T Supports:
1765
1760-61
1754
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A round trip from 1770-92(1) and back since 10/12, the horizontal range-bound strategy has basically been completed nicely in just 4 trading days. The price is still supporting at 1770, however, selling momentum seems to have accelerated in the past 24 hours. If the price break the support at 1770, estimate the price will have a 1:1 drop (2) from its previous range, targeting around 1748.
Trendline(4) has failed to offer the gold uptrend support yesterday, and it is the first time in a week that the price closed below 1774(5) in the daily chart, signs of the price heading lower. If the price breaks the key 1770 support and escapes the support zone between 1760-70, the downside target can be aimed at around 1720 on the daily chart.
S-T Resistance:
1788
1780
1775
Market price: 1770
S-T Supports:
1765
1760-61
1754
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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