Gold hovered around the 2-month low yesterday. The day began at 1898, throughout the day. The price was bounded between 1894-and 1906, with the price briefly touching the day-high at 1911. The day ended up with USD 7, closing at 1904.
Gold has not yet escaped the S-T downtrend in the 1-hour chart, still under pressure from the resistance line(2). The price is currently supported by 1894(3); If it can clear all the buying orders at this level, the 1st downside target will be at 1880 or even lower near 1860. Until then, we can still take full advantage of the existing range of 1894-1915(1).
The breaking of the double-top neckline(4) is still indicating a bearish trend on the daily chart. Unless the price can go back to 1920 for the daily close, a 40-80 drop is on its way.
S-T Resistances:
1915
1908-10
1900
Market price: 1898
S-T Supprots:
1894
1890-88
1880
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Gold has not yet escaped the S-T downtrend in the 1-hour chart, still under pressure from the resistance line(2). The price is currently supported by 1894(3); If it can clear all the buying orders at this level, the 1st downside target will be at 1880 or even lower near 1860. Until then, we can still take full advantage of the existing range of 1894-1915(1).
The breaking of the double-top neckline(4) is still indicating a bearish trend on the daily chart. Unless the price can go back to 1920 for the daily close, a 40-80 drop is on its way.
S-T Resistances:
1915
1908-10
1900
Market price: 1898
S-T Supprots:
1894
1890-88
1880
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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