Gold Trend 16/03Gold dropped to a 2-week low yesterday. The market opened at 1952. After the price crossed the critical support of 1950, a new round of selling began. The price fell to day-low at 1908 at the US session and rebounded slightly to end the day at 1917.
The price broke out from the S-T trendline(1) early in the Asian session today; the relatively steep downtrend originated from Monday is now slowing down. Expect the price to stay within the range of 1908-30(2) in S-T before the US Fed. Meeting. The market reaction to the Fed. announcement may shift the direction either way.
A bottoming signal is yet to appear on the daily chart; the gold is still running on a downtrend. The next significant support is at 1880(3) to the downside.
S-T Resistances:
1940
1928-30
1920
Market price: 1917
S-T Supports:
1910-08
1900
1890
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