Gold fell USD 28 yesterday. The market was relatively stable traded between 1843-47 during the Asian and European sessions. Selling orders have been triggered by the price breaking the support trendline(1) in the early stage of the US session. At the US Feb. announcements, the price then slid further. It has escaped the 1828-50(2) trading zone and went all the way to the day low near 1814. The day ended at 1818.
Gold is now being shifted to a downtrend after the price escapes the 1828-50(2) trading zone. By using the previous trading zone 1828-50 as a 1:1 reference, the preliminary downside target can be set at 1806 in S-T.
As mentioned yesterday, using the uptrend channel(4) as a blueprint for trading the daily chart shouldn't be too far off.
S-T Resistances:
1826-28
1820
1815
Market Price: 1810
S-T Supports:
1808-06
1800
1795
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Gold is now being shifted to a downtrend after the price escapes the 1828-50(2) trading zone. By using the previous trading zone 1828-50 as a 1:1 reference, the preliminary downside target can be set at 1806 in S-T.
As mentioned yesterday, using the uptrend channel(4) as a blueprint for trading the daily chart shouldn't be too far off.
S-T Resistances:
1826-28
1820
1815
Market Price: 1810
S-T Supports:
1808-06
1800
1795
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
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